• eBay and Etsy report minimal impact from tariffs due to local sourcing and secondhand inventory.
  • Etsy faces declining buyer numbers and sales, but Depop remains strong.
  • eBay’s GMV and revenue grew in Q1, driven by demand for used goods.

As President Trump’s tariffs ripple across the retail sector, eBay and Etsy are showing resilience, reporting minimal direct impact in their Q1 2025 earnings calls.

Unlike import-heavy competitors such as Temu and Shein, both platforms benefit from sellers who predominantly source locally, often dealing in used, vintage, or handmade items.

eBay CEO Jamie Iannone highlighted that only about 5% of the company’s U.S. gross merchandise value (GMV) comes from China, and less than 10% globally.

Etsy’s CFO, Lanny Baker, echoed this, noting that just over 1% of Etsy’s U.S. sales involve imports from China.

Etsy CEO Josh Silverman further emphasised that 90% of their sellers source supplies domestically, giving the company a buffer against tariff shocks. This local sourcing strategy provides an edge over rivals, but both companies still face economic headwinds.

Etsy, in particular, is feeling the pinch from shifting consumer habits; active buyers dropped 3.4% year-over-year to 88.5 million, and habitual buyers fell 11% to 6.2 million.

Gross merchandise sales for the Etsy marketplace declined 8.9% to $2.3 billion. However, its secondhand platform Depop continues to see record growth.

eBay, meanwhile, is benefiting from increased demand for used and refurbished goods, which now comprise over 40% of its inventory. The company’s GMV rose 2% to $18.8 billion, and revenue grew 1% to $2.58 billion in Q1.

Both platforms are navigating tariff and economic uncertainty by staying nimble and focusing on their core strengths.

Edited by Annette George