Slowing new buyer growth

Slowing new buyer growth -- down 30% year-over-year -- could keep curbing Etsy's results in 2021 as shoppers seek out travel and store-based shopping. Increasing marketing expenses aimed at drawing more sales may also continue to drag adjusted Ebitda margin as customer-acquisition costs rise, while the Covid-19 delta variant could prove to be a tailwind, depending on how it proliferates in 2H