For the year ending 31 December 2023, Wayfair UK saw profits slip from £2.7 million to £2.6 million as it slashed nearly 30% of its staff members in a bid to reduce costs. The homewares retailer saw sales decline by 17% to £69 million, which Wayfair said was mainly driven by a 14% reduction in administrative expenses.

At the start of 2023, Wayfair unveiled plans to cut 1,750 jobs from its workforce as it ramped up its £0.86 billion cost-saving efforts. Measures included reducing its corporate employees by 18% as it sought to scale down operating costs amid weakened demand for furniture.