Consumers have embraced and benefited from mass-produced products like smartphones, but at the same time, they increasingly long for things to set them apart. And that has translated to opportunities for the likes of online crafts marketplace Etsy, even as it faces growing competition from Amazon Handmade.
On Tuesday, Etsy stock closed near a record high after the company, founded in Brooklyn 13 years ago, reported a better-than-expected 30% jump in Q2 revenue. The total value of handmade goods, vintage items and crafts supplies sold on its platform rose 20%, to $902 million, as active buyers jumped 17%, to about 36 million. Active sellers, meanwhile, rose 8.1%, to nearly 2 million.
Another indicator of market demand: The value of goods bought on Etsy has jumped to an annual total of $3.3 billion, from just $1 million in its first year, the company said.
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