Etsy is a place to come for home, fashion and gifting. That’s not exhaustive. Etsy is about — even though those are very, very big categories and opportunities, Etsy is about so much more than even those, but trying to plant very specific associations in the minds of the consumer about when they should be thinking about Etsy. Because we know that broad scale, they have a lot of love for the Etsy brand on average. But over the course of the day when a shopping mission comes up, they don’t always associate it with Etsy. So that breadcrumb, creating that clear association is very important. CLC, this most recent campaign really leaned into those three purchase occasions, very specifically to try to build that habit. And then we’re getting even better with things like PLA, with things like SEM non-brand.
We’re actually seeing some really interesting progress right now with what we call mid-funnel video, for example, YouTube videos of being able to understand who are customers that we might have interacted with before and what’s going on in their life. Maybe they’re having a wedding, and this would be a good time to show them advertisements about the kinds of wedding offerings that we have. So there’s a lot of off-site marketing we’re doing as well that I’m very excited about in terms of what that can do to get people who already like us to want to think of us more often and come back more often.
Debra Wasser: Okay. Great, Josh. Thanks. Planning a wedding for my daughter, so all the collections are happening right now. I’m going to go to Rachel. We got a question from Kunal Madhukar from Deutsche — UBS, sorry. I want to make sure we clarify something we said on our prerecorded remarks, so this is going to be for Rachel. As you look for teams GMS growth in the second half, how much of that will come from growth in buyer count versus growth and spend per buyer. So I think we want to clarify what we actually said about the second half.
Rachel Glaser: Yes, so first of all, we didn’t give guidance for the full-year. So we always — we’ve been very cautiously, during unpredictable times, giving one quarter at a time. but we do like to give some sort of tea leaves or some suggestions of what — how to think about in the second half. And so this time, what we said was — I’m going to quote another CFO, who said on a call last quarter or the quarter before that, time heals all the lapping. And you would expect that time would heal all the lapping, if not for what we’re seeing is pretty volatile headwinds right now from reopening, from constrained consumer balance sheets from inflationary pressures and that what we’re seeing is some what I call characterized as choppy waters. And so that volatility or headwind may actually negate what we would say could be growth in the teens if not — just because of the lapping, if not for this headwind that we’re getting from the sort of exogenous factors.
Debra Wasser: Okay. Great. Thanks, Rachel. The next one I’m going to get to Josh to talk about a question we got from Ed Yruma at PSC. Can you talk about the drivers of new buyer growth in the Q4. Obviously, that was a good number. How can you lean into the strengths and drive strong new buyer growth again in 2023?
