Market Overview

CDC Guidelines Pushes Face Mask Sales Higher, Etsy CEO Says, Encourages To Support Small Businesses

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CDC Guidelines Pushes Face Mask Sales Higher, Etsy CEO Says, Encourages To Support Small Businesses

Etsy Inc. (NASDAQ: ETSY) CEO Josh Silverman says that sellers and consumers of face masks are on a rampage amid COVID-19 pandemic.

What Happened

With 2.7 million sellers, online marketplace Etsy currently has almost 20,000 shops selling face masks as the Centres for Disease Control and Prevention made face masks compulsory for all Americans. The decision was made based on the fundings that asymptomatic people also capable of spreading the COIVD-19 virus, CNBC reported.

The previous weekend saw consumers seeking face masks on Etsy on an average of 9 times per second, leading to more than 2 million searches, Etsy reported. The number of shops selling the masks has multiplied three times on a daily basis in the past week.

Silverman noted that easier accessibility of fabric masks would mean health care workers will be able to have access to the surgical masks they really need

Cautiously stating, he further added that these fabric masks are not a preventive measure but only an additional measure in these difficult times.

#StandWithSmall

As the coronavirus outburst has negatively affected world economies, small business owners have also been hit significantly. To support small businesses, Etsy CEO proposes #StandWithSmall campaign with more and more home-based sellers producing thousands of face masks each day and meeting the rising demand, Forbes reported.

Silverman states, "When you buy from one of the Etsy sellers, you are actually putting money in the pockets of another tax-paying American who’s often been hard hit by this economic crisis." Americans to help Americans, is what he quotes.

Price Action

Etsy stock soared 6.94% and closed at $51 on Wednesday.

 

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