Is anybody shopping for couches and beds from Wayfair anymore?

Is anyone buying couches and beds from Wayfair anymore?

Shoppers dished out for new sofas, beds and decor, remodeled their kitchens and backyards and invested in their remote work setup. Demand was so hot that it broke global supply chains and caused lengthy delays for goods.

It all meant boom times for online retailer Wayfair (W) and companies such as Williams-Sonoma (WSM), RH (RH), Bed Bath & Beyond (BBBY), Overstock (OSTBP) and other furniture and homegoods’ chains. Wayfair’s stock leaped 140% in 2020.

Fast forward two years. The picture looks a lot different now.

Inflation has tapped out lower and middle-income shoppers, who have pulled back their discretionary purchases to focus on paying for necessities like groceries, gas and rent. Wealthier customers have shifted their spending from furniture and other goods to travel and services. Mortgage rates are up, cutting into demand for new homes.

That’s pressuring Wayfair and other chains that saw a sales spike earlier in the pandemic.

Wayfair said Thursday that its sales declined 15%…