Wealthier shoppers are giving Wayfair an unexpected boost as many Americans remain cautious about the economy and continue cutting back on big purchases.
While budget-conscious consumers hold off on major spending, higher-income shoppers are still investing in furniture and home upgrades, helping drive growth for the online retailer. Wayfair reported a stronger-than-expected second quarter, with its U.S. business seeing its best growth since the pandemic-era home shopping boom, CEO Niraj Shah said during a call with analysts Tuesday, Retail Dive reports.
