Growth stocks don't make investors jump for joy like they used to. However, the journey for all growth stocks isn't over. If anything, investors with an investment horizon from several years to decades can use this time in the market to capitalize on the long-term growth opportunity of great companies that are trading at a discount. 

If you have $1,500 to add to your portfolio before year's end, don't overlook these two fantastic growth stocks when formulating your list of buys. 

1. Etsy

While e-commerce stocks may be broadly trading down right now, that doesn't mean the growth trajectory for companies in this industry has been exhausted. Far from it, considering that analysts estimate that e-commerce spending still comprises just 20% of all retail expenditures in the U.S. as of 2022.  

For Etsy (ETSY 3.38%), which maintains a tight foothold on its lucrative corner of the global e-commerce landscape -- management estimates that the platform has a total addressable market of about $2 trillion -- this paints a positive picture for its long-term growth beyond the near-term challenges. Etsy is still growing at a solid clip on a year-over-year basis, but its growth from pre-pandemic levels is even more impressive.  

In the most recent quarter, Etsy's revenue of $595 million represented a 12% increase from the same quarter in 2021. While net income was down on a year-over-year basis, this was largely due to a one-time non-cash impairment charge. Etsy also generated free cash flow just shy of $200 million in the quarter.  

On a three-year basis, Etsy recorded gross merchandise sales growth of 150%. Meanwhile, it reported that it had 100% more active buyers and 125% more repeat buyers on its platform in the third quarter of 2022 than it did in the same quarter of 2019.  

It would have been unreasonable to expect a continuation of the pandemic era level of growth indefinitely. And, since many consumers are reining in spending, it also follows that companies with exposure to these types of cyclical habits would be the first to feel the ramifications of those changes. 

Looking ahead five to 10 years, however, Etsy's growing share of a vast addressable market, coupled with the strength of its underlying businesses, can deliver robust financial and investor returns well beyond the challenges of the near-term environment.

A $1,500 investment in this tech stock would give you 12 shares based on recent share prices. 

2. Airbnb 

Airbnb (ABNB 1.14%) continues to grow its revenue and earnings at an incredible clip, even as travel spending remains uneven on a global level. It's worth noting that even as year-over-year comparisons remain strong, Airbnb's revenue and profits are also up notably from pre-pandemic levels. In fact, its third-quarter revenue and earnings represented growth of 70% and 260% on a three-year basis.  

Looking to the most recent quarter, Airbnb reported 100 million nights and experiences were booked on its platform, a 25% increase year over year. Its revenue of $3 billion represented a 29% increase from the year-ago quarter, while its net income of $1.2 billion jumped nearly 50%.  

Meanwhile, Airbnb reported that it achieved a record quarter of guest arrivals, with 90 million individuals checking into stays in the three-month period. The company closed the quarter having generated $3.3 billion in free cash flow over the trailing 12 months, and $966 million in net cash from operations just in the three-month period.  

The reasons behind Airbnb's continued resilience -- even in a tough environment where consumer spending is waning, as are personal savings rates -- are multi-pronged. For one, Airbnb caters to a wide range of travelers, from short-term travelers to business travelers to vacationers to digital nomads. Management noted in the most recent earnings report that even as many companies are requiring workers to come back to the office, 20% of all gross bookings completed on the platform are still attributable to long-term stays of 28 days or more.

In other words, the changes brought about in the way people live and work as a result of the pandemic are durable and long-lasting, and these trends are also continuing to inject growth into Airbnb's business. Management also attributed Airbnb's resilience to the fact that it provides a source of income for its hosts.

In a recent earnings call, CEO Brian Chesky noted that just as in the days of the global financial crisis, people are looking for ways to make extra money. Considering that Airbnb's platform generated $180 billion in earnings for hosts since the company's founding in 2008, it clearly poses a compelling business model for both guests and hosts that keeps both coming back for more. For long-term investors, this could be a golden opportunity to snap up of shares of a stock with an incredible growth runway while it's trading down.

A $1,500 investment in Airbnb right now would add 18 shares to your portfolio.