Pawn Shop Market Size, Recent Trends, Regional Share and Global Forecast From 2023-2030 | DFC Global Corp., Borro Private Finance

The Pawn Shop Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Pawn shops provide secured short-term loans in exchange for valuable goods. Customers can pawn jewelry, electronics, tools, and other valuable items to receive cash quickly.

Market Dynamics:

The growth of the pawn shop market is driven by the growth in demand for personal loans. According to a recent survey, over 30% of Americans don't have enough savings to cover a $400 emergency expense. With bank loans becoming tougher to get, many turn to pawn shops for quick access to cash in emergencies. Additionally, easy availability of previously owned and low-cost products is driving more customers to pawn shops rather than buying new products. This increasing demand for affordable used goods and high demand for instant personal loans are expected to propel the pawn shop market growth over the forecast period.

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Top Key Players are Covered in this Report:

★ DFC Global Corp.
★ Borro Private Finance
★ KVP Group
★ EZCORP INC.
★ American Pawn Company
★ Luxury Asset Capital LLC
★ UEDA Co. Ltd
★ Cash Converters Pty Ltd
★ Valley Pawn
★ Tiger Pawn Store

Detailed Segmentation

By Product Type:

★ Jewelry & Accessories
★ Electronics & Tools
★ Antique Collectibles
★ Musical Instruments
★ Precious Metals & Stones
★ Guns
★ Others (Vehicles, Clothing, etc.)

By Service:

★ Loan
★ Selling
★ Buying

By Store Type:

★ Independently Owned
★ Publically Owned

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Major Market Drivers for the Pawn Shop Market

1: Economic Recession Leads to Increased Need for Quick Cash

One of the biggest drivers of growth in the pawn shop market is economic recessions and downturns. When the overall economy is struggling and unemployment rises, more customers turn to pawn shops as a way to access cash quickly in times of financial hardship. Pawning valuable possessions is an attractive option when money is tight and credit is limited elsewhere. The COVID-19 pandemic recession dramatically increased demand as millions lost jobs and income overnight. Pawn shops provided a vital service for those needing funds for expenses. As long as economic volatility remains, pawn shops will continue filling an important role.

2: Downsizing and Decluttering Spark Sales of Used Goods

In addition to financial needs, the growing decluttering and minimalism trends have benefited pawn shops. As consumers look to simplify their lives and homes, they often turn to pawn shops to sell unused electronics, tools, jewelry and other possessions. Professionals and individuals alike seek to generate some income from goods they no longer need. Pawn shops offer a convenient way to clear out owned items and bring in extra cash through trade-ins or outright purchases. This supplier of pre-owned goods to the market will remain reliable as consumers increasingly prioritize reducing excess inventory in their lives.

Biggest Market Restrain for the Pawn Shop Market: Rise of Online Marketplaces Reduces Foot Traffic

One challenge facing brick-and-mortar pawn shops is the emergence of robust online marketplaces that make it easier than ever for individuals to sell used goods remotely. Sites like eBay, Craigslist, Facebook Marketplace and peer-to-peer apps have disrupted traditional resale industries by allowing anyone to list items for sale worldwide. They cut out the middleman of pawn shops and provide more control over sale prices. While pawn shops still have advantages for some urgent cash needs, online platforms have curbed the supply of goods available through storefront locations. To remain competitive, pawn shops may need to beef up their own e-commerce capabilities or provide niche products unavailable elsewhere.

Major Market Opportunity for the Pawn Shop Market: Growth of the Sharing Economy Presents New Revenue Stream

A developing area ripe with opportunity is short-term renting of high-value possessions like tools, electronics and musical instruments. The sharing economy model of monetizing underutilized assets could be a natural extension for pawn shops. They have deep inventories of goods often left idle, and the expertise to assess condition and ensure safe transactions. Partnering with sharing economy platforms allows them to earn ongoing rental income rather than just one-time sales. This offers both earnings diversification and helps overcome the image of pawns shops solely dealing in used goods. Tapping into sharing services represents a chance to expand customer reach and revenues in innovative ways.

Key Market Trend in the Pawn Shop Market: Rise in Luxury Goods Pawning Indicates New Customer Groups

An emerging trend benefiting pawn shops, especially in affluent areas, is higher-income individuals and professionals using them to easily convert luxury watches, handbags and collectibles into cash. Once considered a last resort of the financially distressed, pawn shops are now being utilized for flexibility and discretion by white-collar workers and entrepreneurs. The stigma around pawning valuable items has diminished as a sign of prudent money management instead of hardship. Catering to request for high-end goods, with private showrooms and flexible payment plans, enables tapping an entirely new lucrative customer segment. This growing popularity of pawn shops even among affluent groups bodes well for the future growth potential of the industry.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global Pawn Shop market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Pawn Shop market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Pawn Shop Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

Contact Us:

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.