I’m torn here. It’s a good way for me to talk about my peers (early thirties) in the third person, but it doesn’t quite fit for second person for me. (Edit: ”guy” is also not great for second person, now that I think about it, so maybe it’s more equivalent than I realized. Though for plural third person, it still isn’t 1:1, imo. “Two guys in my class” has a different connotation from “two ladies in my class,” but I can’t put my finger on why.)

“Ladies” feels formal/salesy (if someone addresses a group of women I’m in as “ladies,” it feels like they’re either a server for our group dinner or trying to quickly build rapport) to me, whereas “lady” can often feel straight up rude ( “hey, lady!” sounds like Bart Simpson said it vs. “hey, ladies!” which could mean so many different things depending on the context, but seems less annoyed at least).