eBay has reported what it describes as “better than expected” financial results, as the online marketplace expands its luxury range and consumers look towards refurbished goods during the cost-of-living crisis.

In September, eBay announced a new partnership with clothing repair and resale company Reskinned to expand its second-hand clothing range.

Clothing from Reskinned are generally priced at 40 per cent lower than High Street prices.

While the company's third quarter figures reportedly beat Wall Street predictions, revenue was still down by five per cent to $2.4 billion.

Gross merchandise volume reached $17.7 billion, down 11 per cent.

“Our third quarter results demonstrate significant progress against our long-term objectives and exceeded expectations for all key business metrics,” said Jamie Iannone, chief executive, eBay. “I’m proud of our team and community for remaining resilient in the face of a challenging macroeconomic environment. With the investments we’ve made in our tech-led reimagination, we’re able to provide even more opportunity and value to our customers during these difficult times.”

Research from eBay published in May found that UK consumers are turning to second-hand shopping and upcycling in order to make ends meet

eBay Ads commissioned research among 1,000 adults and found that 30 per cent are having to make “more considered purchases” in order to get better value for money, and a fifth (19 per cent) are buying more second-hand items in order to save money.

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