Should You Beat Up Your Birkin? Why Worn-In Luxury Bags Are Selling Fast | Kanebridge News
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,455,257 (+1.86%)       Melbourne $939,047 (+0.87%)       Brisbane $807,503 (-0.36%)       Adelaide $776,642 (+1.97%)       Perth $663,542 (+0.53%)       Hobart $725,310 (-0.13%)       Darwin $628,752 (-0.50%)       Canberra $945,068 (-0.50%)       National $937,840 (+0.95%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $708,884 (-0.36%)       Melbourne $480,103 (+0.14%)       Brisbane $446,784 (+0.58%)       Adelaide $362,663 (+2.01%)       Perth $377,189 (+0.73%)       Hobart $536,098 (+0.28%)       Darwin $355,667 (+3.76%)       Canberra $490,461 (-1.86%)       National $495,198 (+0.01%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 8,985 (-175)       Melbourne 12,700 (-109)       Brisbane 9,286 (-64)       Adelaide 2,841 (+103)       Perth 8,366 (+33)       Hobart 1,123 (+25)       Darwin 257 (-1)       Canberra 926 (-10)       National 44,484 (-198)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 7,920 (+22)       Melbourne 7,053 (-113)       Brisbane 2,062 (-26)       Adelaide 476 (-10)       Perth 2,299 (-9)       Hobart 159 (+6)       Darwin 389 (+10)       Canberra 534 (+12)       National 20,892 (-108)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $700 (+$10)       Melbourne $530 (+$5)       Brisbane $570 ($0)       Adelaide $550 ($0)       Perth $575 ($0)       Hobart $555 (-$10)       Darwin $700 ($0)       Canberra $688 (-$3)       National $616 (+$1)                    UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $695 (+$35)       Melbourne $500 ($0)       Brisbane $540 (-$10)       Adelaide $430 (+$10)       Perth $520 ($0)       Hobart $465 (-$5)       Darwin $528 (-$3)       Canberra $550 ($0)       National $539 (+$5)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,712 (+34)       Melbourne 5,560 (+64)       Brisbane 3,823 (-32)       Adelaide 1,147 (0)       Perth 1,688 (+32)       Hobart 268 (-6)       Darwin 110 (-12)       Canberra 668 (-37)       National 18,976 (+43)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 6,667 (0)       Melbourne 4,237 (+88)       Brisbane 1,265 (-39)       Adelaide 337 (-14)       Perth 696 (-12)       Hobart 126 (-2)       Darwin 184 (-15)       Canberra 534 (+8)       National 14,046 (+14)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.50% (↓)     Melbourne 2.93% (↑)      Brisbane 3.67% (↑)        Adelaide 3.68% (↓)       Perth 4.51% (↓)       Hobart 3.98% (↓)     Darwin 5.79% (↑)        Canberra 3.78% (↓)       National 3.42% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.10% (↑)      Melbourne 5.42% (↑)        Brisbane 6.28% (↓)     Adelaide 6.17% (↑)        Perth 7.17% (↓)       Hobart 4.51% (↓)       Darwin 7.71% (↓)     Canberra 5.83% (↑)      National 5.66% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.6% (↑)      Melbourne 1.8% (↑)      Brisbane 0.5% (↑)      Adelaide 0.5% (↑)      Perth 1.0% (↑)      Hobart 0.9% (↑)      Darwin 1.1% (↑)      Canberra 0.5% (↑)      National 1.2% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 2.3% (↑)      Melbourne 2.8% (↑)      Brisbane 1.2% (↑)      Adelaide 0.7% (↑)      Perth 1.3% (↑)      Hobart 1.4% (↑)      Darwin 1.3% (↑)      Canberra 1.3% (↑)      National 2.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 27.3 (↑)      Melbourne 27.4 (↑)        Brisbane 32.7 (↓)     Adelaide 25.3 (↑)      Perth 32.9 (↑)      Hobart 28.5 (↑)      Darwin 39.8 (↑)      Canberra 27.1 (↑)      National 30.1 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 26.3 (↑)      Melbourne 26.4 (↑)      Brisbane 29.9 (↑)      Adelaide 24.3 (↑)        Perth 36.5 (↓)     Hobart 25.2 (↑)        Darwin 32.0 (↓)       Canberra 28.6 (↓)       Canberra 28.6 (↓)           
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Should You Beat Up Your Birkin? Why Worn-In Luxury Bags Are Selling Fast

Stylish women are pooh-pooing pristine purses. Is it fueled by inflation? Y2K nostalgia? Is it just cool? An investigation into the tattered-bag trend.

Mon, Feb 27, 2023 9:07amGrey Clock 4 min

ABOUT 20 YEARS ago, while dining in San Francisco, Lisa Unger Sandman was nearly startled out of her seat. “Oh, my God! That should never be on the floor!” shrieked a woman at a nearby table, pointing to Ms. Unger Sandman’s black Hermès Kelly bag. Chastened, Ms. Unger Sandman, now a retired banker in Raleigh, N.C., snatched up her purse which, in the current market, often costs at least five figures. “It caught me off guard,” she recalled. Today, Ms. Unger Sandman, 60, would ignore such a reprimand and isn’t so worried if her Kelly risks bodily harm. “If a bag has a scratch on it, that means you’ve enjoyed it. I’m happy with the patina.”

Ms. Sandman’s attitude reflects a growing trend. Lately, women are both embracing their handbags’ scratches and stains and seeking out visibly worn-in styles on the secondhand market. In its 2023 luxury consignment report, resale site the RealReal noted higher demand than ever for bags in “fair” (i.e., heavily worn) condition. Similarly, at resale platform Vestiaire Collective, co-founder Sophie Hersan reports that sales of worn-in designer bags have jumped 13% in the last six months.

Why the sudden craving for beat-up bags? One of the biggest draws, posits Katie Devlin of trends and insights company Stylus, is the Y2K revival and the resurgence of “indie sleaze,” a grungy, aughts-era aesthetic. She references the circa-2010 style of Mary-Kate and Ashley Olsen. Famously on their arms back then: decimated Hermès Kellys and Balenciaga bags (like the one shown here). “It’s the idea of looking expensive but like you don’t care—of not looking overly curated,” said Ms. Devlin.

In that regard, the trend, which encompasses luxury bags by the likes of Chanel, Gucci and Louis Vuitton, as well as label-free vintage styles, may be a backlash to the picture-perfect world of Instagram and wealthy reality TV stars (see the seemingly untouched designer bags that line the Kardashian clan’s walk-in closets). “There’s a move away from this idealistic, filtered look we’re so used to seeing,” said Dayna Isom Johnson, a trend expert at online marketplace Etsy, where searches for Y2K handbags are up 51% in the last three months compared to the same period last year. “Now people are really embracing the realness and messiness that comes with living everyday life.” Not using something that costs so much, Ms. Isom added, makes people feel “very wasteful.” Elizabeth Layne, chief marketing officer of resale site Rebag, has observed a resistance to feeling “too precious about [luxury] workhorse bags of lower grades. You don’t have to worry if it gets a scuff.”

New York stylist Malina Joseph Gilchrist agrees. “There’s a quiet luxury thing happening…a reaction to a congested market of handbags that are logoed and attention-seeking.” With a worn-in bag, she said, “you look like you’re not trying too hard.”

For Sapna Bhatla, 42, a business strategy consultant in Philadelphia, beat-up bags—whether trendy or not—speak to her identity. After immigrating to the U.S. from India, her style-savvy mother would combine her traditional attire with vintage estate-sale finds. So “pristine feels contrived and inauthentic to me,” Ms. Bhatla said. “If you see my body, I have scars. I have marks. I have a life that’s been lived. And I’m happy to have signs to remind me of it. I like things that show a test of time and sturdiness and resilience.”

She owns an arsenal of worn-in designer purses—some she marred herself, others that she scooped up on eBay. Among her favourites is a decades-old, no-name leather bag she found at a Paris flea market. “I’m not so crazy about brand names when it comes to vintage. If it’s here today, it’s already good quality.”

Those scars should not be haphazardly patched up, said Sofia Bernardin, founder of luxury vintage platform ReSee. “There’s nothing worse than a badly repaired bag. It’s like a woman who’s had too much Botox—she’d have been better off not doing anything.” Still, not all decay is desirable, said Kristin Whalen, 36, a San Francisco senior director of client management and bag obsessive who’s had some of her styles since high school. For her, protruding structural wires and age-induced deformities are nonstarters. Trend analyst Ms. Devlin maintains that, while the optimal degree of destruction is a personal choice, “if it’s not functional and your strap is falling off, it’s time to say goodbye.”

Is inflation driving this so-called “trend”? Recently, the cost of new luxury bags has skyrocketed. According to Jefferies Group, the price of Chanel’s coveted small classic flap bag increased about 60% between 2019 and 2022 in the U.S. Meanwhile, on the RealReal, bags in “fair condition” cost on average 33% less than already-discounted “good condition” options, said Noelle Sciacca, that site’s fashion lead. Lara Osborn, reseller Fashionphile’s vice president of procurement, offers a reality check. “We have to ask ourselves: Is a [worn-in] bag really chic, or is the economy just dictating that we’ll be wearing bags with a lot more love?”

Ms. Joseph Gilchrist insists it’s the former. If your bag’s beat-up, she said, “you just look cooler.”

How to Make A Beautiful Disaster

Is your fancy handbag looking too new? Here, four inadvisable but foolproof ways to pulverise even the sturdiest purse.

1. Toss your pristine purchase in the washing machine—and choose the most punishing spin cycle. For extra distress, add bleach.

2. Give that immaculate purse to your puppy. If he seems uninterested, slather it in peanut butter and present it again.

3. Buy a top-notch bow and arrow and use your bag for target practice. Ignore its faint whimpers each time it’s pierced.

4. Drop it at an osprey breeding site so a hen can use it in her nest. Once the chicks have fledged, retrieve your totally tattered tote.

The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.


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Why It’s Now Easier to Underestimate Your Expenses and Overspend

Many people are spending more than they think as inflation stays elevated

Tue, Mar 28, 2023 3 min

Many people have a gap between what they think they spend and what they actually spend. This gap has widened recently as the financial and psychological effects of higher prices further strain people’s budgets.

Elevated inflation has rippled through American’s wallets for more than a year now. Some have cut back, while others have increased their spending to keep up. Credit-card balances were staying relatively flat for a while, but have jumped higher recently.

In the fourth quarter of 2022, the average household’s credit-card balance was $9,990, up 9% from in the fourth quarter of 2021, according to WalletHub, a consumer-finance website. Meanwhile, the average credit-card interest rate rose to a record high of about 20% last week, according to Bankrate.

Financial advisers say the larger amount of credit-card debt while rates are higher is one indication that some Americans are spending more than they think they are. This type of spending can reduce people’s ability to pay for important items down the road, such as college for a child or even fund their own retirement. More immediately, it will put people in costlier debt.

“If people spend too much on credit, they could end up trapped in a cycle of debt,” said Courtney Alev, consumer financial advocate at Credit Karma.

Spending less isn’t always possible when everything from groceries to travel is generally more expensive. Still, people can find ways to cut back if they understand more about why they are overspending and take a closer look at their finances.

Inflation on top of inflation

The power of compounding is a boon to investors, but not to shoppers.

Money grows much faster than most people expect because interest is earned on interest, said Michael Liersch, head of Wells Fargo & Co.’s advice and planning centre. A similar concept applies to inflation: Prices rise, and if inflation remains high, prices continue to grow on top of already-inflated prices, leaving people off guard.

“People get constantly surprised that their money isn’t going as far as they thought it would,” he said.

The cost of eating out and going for drinks continues to take Dina Lyon aback. Even though the 36-year-old married mother of one is dining out and ordering in far less than she did a year ago, some prices still give her sticker shock.

“The difference between cooking at home—about $10 for nice pasta and quick sauce from canned tomatoes—versus Italian takeout of $50 is astronomical,” said Ms. Lyon, who lives in Brooklyn, N.Y.

Outdated budgets

People tend to underestimate their future spending in large part because they base their predictions on typical expenses that come to mind easily, said Abigail Sussman, a professor of marketing at the University of Chicago Booth School of Business.

She and other researchers found that when people are coming up with predictions, they tend to think about what they usually spend money on—such as groceries, rent and gas—and base their predictions primarily on these expenses. They are less likely to consider atypical expenses, such as car repairs or birthday presents, the researchers found.

This pattern is particularly problematic when inflation is high, said Prof. Sussman. When the price of the same basket of items rises, people might not account for these price increases in their future budgets, she said.

Further, times of stress cause people to be less intentional about tracking their money, said Mr. Liersch. They might also spend more than they know they can afford to soothe feelings including anxiety and depression.

According to a recent survey by Credit Karma, 39% of Americans identify as emotional spenders (defined by the study as someone who spends money to cope with emotional highs and lows.)

Take control

You have a better chance of staying under budget if you become more aware of your spending instead of sticking your head in the sand, financial advisers said.

One thing Adam Alter, a professor of marketing at New York University’s Stern School of Business, does is create a line item in his monthly budget for one-off expenses, such as an unexpected medical bill. This gives him a cushion in his budget and enables him to more fully examine how much he is spending each month, said Prof. Alter, who has studied overspending.

People might also wish to include an escalating buffer into their budgets of say, 2% to 5% a year, to account for inflation, he said.

Jay Zigmont, a financial planner in Water Valley, Miss., looks at clients’ total take-home income from the year, subtracts everything they must spend money on such as their mortgage and how much they saved. The remaining number is how much they spent on discretionary spending.

In most cases, clients are surprised they spent so much, he said.

Once people know how much they spend, Britta Koepf, a financial planner in Independence, Ohio, suggests they practice mindful spending. Before any purchase, ask yourself if you really want or need what you are buying. Frequently, the answer is yes, but sometimes waiting five seconds will prevent you from overspending, she said.

You can also practice mindfulness by delaying purchases further.

“A lot of the time, if I tell myself that I will purchase it next week, I find that I am no longer interested a week later,” she said.


Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

The Victorian capital’s top-grossing transactions.

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