‘Thrifting’ Extends to Holiday Shopping Too
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,613,207 (-0.60%)       Melbourne $969,484 (-0.54%)       Brisbane $991,125 (-0.15%)       Adelaide $906,278 (+1.12%)       Perth $892,773 (+0.03%)       Hobart $726,294 (-0.04%)       Darwin $657,141 (-1.18%)       Canberra $1,003,818 (-0.83%)       National $1,045,092 (-0.37%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $754,460 (+0.43%)       Melbourne $495,941 (+0.11%)       Brisbane $587,365 (+0.63%)       Adelaide $442,425 (-2.43%)       Perth $461,417 (+0.53%)       Hobart $511,031 (+0.36%)       Darwin $373,250 (+2.98%)       Canberra $492,184 (-1.10%)       National $537,029 (+0.15%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 9,787 (-116)       Melbourne 14,236 (+55)       Brisbane 8,139 (+64)       Adelaide 2,166 (-18)       Perth 5,782 (+59)       Hobart 1,221 (+5)       Darwin 279 (+4)       Canberra 924 (+36)       National 42,534 (+89)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,638 (-81)       Melbourne 8,327 (-30)       Brisbane 1,728 (-19)       Adelaide 415 (+10)       Perth 1,444 (+2)       Hobart 201 (-10)       Darwin 392 (-7)       Canberra 1,004 (-14)       National 22,149 (-149)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$20)       Melbourne $620 ($0)       Brisbane $630 (-$5)       Adelaide $615 (+$5)       Perth $675 ($0)       Hobart $560 (+$10)       Darwin $700 ($0)       Canberra $680 ($0)       National $670 (+$4)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $590 (-$5)       Brisbane $630 (+$5)       Adelaide $505 (-$5)       Perth $620 (-$10)       Hobart $460 (-$10)       Darwin $580 (+$20)       Canberra $550 ($0)       National $597 (-$)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,197 (+313)       Melbourne 6,580 (-5)       Brisbane 4,403 (-85)       Adelaide 1,545 (-44)       Perth 2,951 (+71)       Hobart 398 (-13)       Darwin 97 (+4)       Canberra 643 (+11)       National 22,814 (+252)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,884 (-22)       Melbourne 6,312 (0)       Brisbane 2,285 (-54)       Adelaide 357 (-14)       Perth 783 (-14)       Hobart 129 (-14)       Darwin 132 (+6)       Canberra 831 (+15)       National 21,713 (-97)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.64% (↑)      Melbourne 3.33% (↑)        Brisbane 3.31% (↓)       Adelaide 3.53% (↓)       Perth 3.93% (↓)     Hobart 4.01% (↑)      Darwin 5.54% (↑)      Canberra 3.52% (↑)      National 3.34% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.17% (↓)       Melbourne 6.19% (↓)     Brisbane 5.58% (↑)      Adelaide 5.94% (↑)        Perth 6.99% (↓)       Hobart 4.68% (↓)     Darwin 8.08% (↑)      Canberra 5.81% (↑)        National 5.78% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 29.8 (↓)     Melbourne 31.7 (↑)      Brisbane 30.6 (↑)        Adelaide 25.2 (↓)       Perth 35.2 (↓)     Hobart 35.1 (↑)      Darwin 44.2 (↑)        Canberra 31.5 (↓)     National 32.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.7 (↓)       Melbourne 30.5 (↓)     Brisbane 27.8 (↑)        Adelaide 22.8 (↓)     Perth 38.4 (↑)        Hobart 37.5 (↓)       Darwin 37.3 (↓)       Canberra 40.5 (↓)       National 33.1 (↓)           
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‘Thrifting’ Extends to Holiday Shopping Too

Roughly 17% of gifts this holiday season will be a resold item, according to Salesforce data

By JOSHUA KIRBY
Fri, Dec 22, 2023 7:00amGrey Clock 4 min

A new kind of present is gaining acceptance this holiday season. More consumers are picking secondhand items to gift each other, finding it to be an environmentally and budget-friendly option.

Thrift stores that sell used clothes and goods are springing up online and on street corners. Goodwill Industries International, the nonprofit behind the familiar chain of thrift stores, is ramping up its online efforts. Fashion brands are developing their own resale offering to keep up with clothing-reseller sites such as Depop and Poshmark. Roughly 17% of gifts this holiday season will be a resold item, according to software firm Salesforce.

“Consumers are choosing resale first because of the incredible value, the unique merchandise, and the incredible sustainability benefit,” said Matt Kaness, chief executive of GoodwillFinds, the nonprofit’s online e-commerce platform run in partnership with Salesforce.

Secondhand clothes, once seen as frumpy and embarrassing, are now keenly sought out by the fashion conscious. A popular vintage aesthetic dovetails with consumer calls for goods that do less harm to the world. About 85% of American shoppers have bought or sold preowned items over the past year, nearly a third for the first time, according to online marketplace OfferUp’s Recommerce report. In apparel alone, some 10% of the global market will be secondhand by next year.

GoodwillFinds is the only major nonprofit player in resale.

GoodwillFinds’ online platform allows a smarter operation than the traditional bricks-and-mortar store, said Kaness, formerly an executive with retailers including Walmart and Urban Outfitters. The platform uses artificial intelligence and large data sets to more accurately price and categorise items, creating a much more efficient system, Kaness said.

“In a store, it’s a human looking at the item. They have paper sticker tickets for the price and they have to process such a volume that it is somewhat random,” he said. In contrast, the company’s online system uses computer vision to take a picture, identify the item, create a listing and price it.

Moving online is the logical choice for secondhand sellers, said 25-year-old Brooke Bowlin, who runs lifestyle blog Nuance Required. “Secondhand stores just can’t sell enough,” said Bowlin, who started her own thrift store in Siloam Springs, Ark. “By moving online and expanding the audience, there is an opportunity to re-home more clothes,” she said.

Major fashion brands are also increasingly recognising that secondhand is as much a necessity as it is an opportunity. The fashion industry is responsible for up to 8% of global emissions, relying on resource-intensive raw materials and fast-moving trends that have contributed large amounts of waste. Around 11.3 million tons of textile waste go to landfills in the U.S. every year, according to environmental organisation Earth.Org.

Outdoor-clothing retailer Patagonia established its Worn Wear platform in 2017, one of the first resale channels by a major brand.

As much as adapting to trends, Patagonia Worn Wear aims to change consumer behaviour, said Asha Agrawal, managing director of the Patagonia venture fund that runs the platform.

“A lot of our messaging is around—‘you don’t need to buy something new,’” she said.

Worn Wear buys back used brand gear from consumers by paying higher prices than peer-to-peer apps or other marketplaces, Agrawal said. This strategy contributes to the bulk of the platform’s costs but also boosted its inventory fourfold this year alone, she said, adding Worn Wear has been profitable for the last two years.

Worn Wear is now integrated into the Patagonia brand. “You can now do your main shopping with Patagonia with our resale business in the U.S.,” she said. “That’s a huge evolution for us.”

Resale by brands and third parties is expected to outpace traditional thrift sales and donations in the U.S., rising to 60% of a $70 billion total by 2027 from 15% of the $20 billion secondhand market in 2017, according to online thrift store ThredUp’s recent resale report.

Other fashion players have their versions. Sweden’s Hennes & Mauritz launched H&M Pre-Loved in the U.S. this year, in partnership with ThredUp. Inditex-owned Zara has launched a preowned platform that offers repair services, customer-to-customer sales and donations of used garments in the U.K. and France, with plans for a U.S. rollout by 2025.

Resale remains an imperative for fashion brands as a way to control distribution and retain the trust of shoppers increasingly alert to the fate of their old clothes. However, scaling up resale generates a raft of operational challenges such as authentication, returns and ensuring that secondhand doesn’t look like an afterthought, said Anita Balchandani, fashion lead at consultant firm McKinsey & Co.

Unlike nonprofits, such as Goodwill, that get their inventory from donations and don’t have to be accountable to shareholders, retailers are struggling to make business sense of resales, Balchandani said.

“No one has proven the path to scaling this up profitably,” she said. “You almost have to create a whole new end-to-end supply chain…. The retailer who cracks that journey is going to make a real difference in this space.”



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The Top 10 highest paid CEOs of the ASX 200 revealed

Along with pay rates, the latest report from the ACSI shows bonuses are no longer based on exceptional results

By Bronwyn Allen
Tue, Jul 23, 2024 2 min

The CEOs of the ASX 200 were paid a little less in FY23 compared to the year before, but bonuses appear to have become the norm rather than a reward for outstanding results, according to the Australia Council of Superannuation Investors (ACSI). ACSI has released its 23rd annual report documenting the CEOs’ realised pay, which combines base salaries, bonuses and other incentives.

The highest-paid CEO among Australian-domiciled ASX 200 companies in FY23 was Greg Goodman of Goodman Group, with realised pay of $27.34 million. Goodman Group is the ASX 200’s largest real estate investment trust (REIT) with a global portfolio of $80.5 billion in assets. The highest-paid CEO among foreign-domiciled ASX 200 companies was Mick Farrell of ResMed with realised pay of $47.58 million. ResMed manufactures CPAP machines to treat sleep apnoea.

The realised pay for the CEOs of the largest 100 companies by market capitalisation fell marginally from a median of $3.93 million in FY22 to $3.87 million in FY23. This is the lowest median in the 10 years since ACSI began basing its report on realised pay data. The median realised pay for the CEOs of the next largest 100 companies also fell from $2.1million to $1.95 million.

However, 192 of the ASX 200 CEOs took home a bonus, and Ed John, ACSI’s executive manager of stewardship, is concerned that bonuses are becoming “a given”.

“At a time when companies are focused on productivity and performance, it is critical that bonuses are only paid for exceptional outcomes,” Mr John said. He added that boards should set performance thresholds for CEO bonuses at appropriate levels.

ACSI said the slightly lower median realised pay of ASX 200 CEOs indicated greater scrutiny from shareholders was having an impact. There was a record 41 strike votes against executive pay at ASX 300 annual general meetings (AGMs) in 2023. This indicated an increasing number of shareholders were feeling unhappy with the executive pay levels at the companies in which they were invested.

A strike vote means 25 percent or more of shareholders voted against a company’s remuneration report. If a second strike vote is recorded at the next AGM, shareholders can vote to force the directors to stand for re-election.

10 highest-paid ASX 200 CEOs in FY23

1. Mick Farrell, ResMed, $47.58 million*
2. Robert Thomson, News Corporation, $41.53 million*
3. Greg Goodman, Goodman Group, $27.34 million
4. Shemara Wikramanayake, Macquarie Group, $25.32 million
5. Mike Henry, BHP Group, $19.68 million
6. Matt Comyn, Commonwealth Bank, $10.52 million
7. Jakob Stausholm, Rio Tinto, $10.47 million
8. Rob Scott, Wesfarmers, $9.57 million
9. Ron Delia, Amcor, $9.33 million*
10. Colin Goldschmidt, Sonic Healthcare, $8.35 million

Source: ACSI. Foreign-domiciled ASX 200 companies*

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