Younger Customers Heading to Pawnshops for Quick Cash
Pawnbrokers say they are now seeing more younger customers visiting their shops.
One manager estimates that one in five people who walk in his shop are below 30.
One reason could be that younger customers, who often pawn items of smaller value such as cheaper watches and jewellery with a lower carat count, feel that pawnbrokers offer better rates than moneylenders and banks.
Some of these younger customers told The New Paper on Sunday that they pawned their watches and jewellery to help pay for expenses such as mobile phone bills and repairs.
Pawnbrokers are catching on to this new demographic – one has started an online valuation platform, which allows customers to submit photographs of their items so that they can be appraised.