Second-hand boom: eBay stock is emerging as unexpected winner in Trump's trade war

Online marketplace eBay (EBAY) may emerge as an unexpected winner from the U.S.-led trade war, with rising electronics prices nudging more consumers toward second-hand goods and refurbished tech.

It’s a counterintuitive twist. eBay has already warned U.S. buyers they might face tariff charges on imports over $800, plus as much as $30 in extra shipping fees as items clear Customs.

Still, for many consumers, that’s a small price to pay if tariffs continue driving up the cost of brand-new electronics.

The CEO of second-hand tech platform Back Market recently told CNBC that sales have tripled since Trump’s tariffs were announced.

“Maybe some people rushed into [consumer electronics] earlier, because they were afraid it’s going to cost so much more weeks from now,” said Thibaud Hug de Larauze.

Wedbush Securities analyst Dan Ives echoed the sentiment, calling a prolonged trade standoff a potential driver of a “huge uptick” in refurbished electronics demand.

That’s good news for eBay where refurbished items already account for about 40% of total gross merchandise volume. Nearly 90% of users have bought or sold used products in the past year.

“eBay has been a driving force behind recommerce, and we continue to invest in tools and technology that fuel the circular economy,” said CEO Jamie Iannone.

eBay off to the races despite the shaky market

While eBay hasn’t delivered blockbuster returns this year, the stock is up 7% in 2025.

That’s a solid start to the year compared to the broader market, as well as the S&P Global E-Commerce Ecosystem Index, which is down more than 4% over the same period.

eBay currently trades at just over 16 times earnings, which is significantly cheaper than the industry average.

In 2024, eBay brought in $10.3 billion in revenue, up 2% year-over-year. Gross merchandise volume also rose 2%, hitting $74.4 billion. Net income from continuing operations totaled $2 billion, or $3.95 per diluted share.

The company returned $3.7 billion to shareholders and paid $533 million in cash dividends over the year.

With the global refurbished electronics market projected to double by 2029, thanks largely to rising online resale activity, eBay appears to be well-positioned to ride the second-hand boom.