by U.S. Pawn Shop Market, is estimated to be valued at US$ XX million in 2022 and is expected to exhibit a CAGR of XX% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights
Market Overview:
Pawn shops are a type of retail store where customers can sell or buy merchandise on credit at a price agreed upon between the buyer and seller. They are also known as pawnbrokers and have long been an integral part of the local economy, with nearly 30 million Americans relying on them to get the money they need for various reasons, from paying for rent and utilities to purchasing items for home or business use. In addition, they can be a great resource when there is a need of cash fast. Apart from offering quick and convenient methods of acquiring cash, pawn shops also serve the convenience of selling used products for reasonable prices. Most pawnshops are regulated by the state, and they must keep records in case of an investigation. Precious metals, firearms and collectors’ items are easy to sell in pawnshops because they tend to hold their value
Competitive Landscape:
Key players operating in the U.S. pawn shops market are EZCORP, INC., First Cash Financial Services Inc., DFC Global Corp., Picasso Pawn, Borro Private Finance, Buckeye Pawn Shop, Welsh Pawn, Luxury Asset Capital, Beverly Loan Company, and Big Store Pawn Shop.
Key Market Drivers:
The U.S. Pawn Shops Market Size was valued at US$ 2.43 billion in 2020. It is expected to reach US$ 4.12 billion by 2028 and exhibit a CAGR of 6.8% during the forecast period. The U.S. pawn shop market is projected to witness significant growth over the forecast period, due to the increasing need for quick access to money and easy ways of mortgaging items. People tend to pawn their belongings in pawn shops in case of emergency, as the money received from the sale of pawning their goods helps them meet their immediate financial needs.
Growing adoption of advanced strategies by market key players and increasing demand for short term loan are expected to foster the U.S. pawn shop market growth. For instance, online pawn shop services are increasingly becoming popular among consumers as they help them save time and effort in searching for their desired items by avoiding the need to physically visit a pawnshop. This is expected to continue to accelerate the growth of the market in the near future.
Covid-19 Impact Analysis
The U.S. pawn shop market witnessed negative growth slope during the COVID-19 pandemic due to the imposed of lockdown and social-distancing policy for preventing the further spread of infection.
Key Takeaways:
The U.S. pawn shop market is expected to exhibit a CAGR of XX % over the forecast period owing to the fact that availability of a wide variety of merchandise in the pawn shop drives the market growth over the forecast period. Moreover, increasing need for quick access to money and easy ways of mortgaging items are further projected to propel market growth.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
