Pawn Shops Market By Type (Jewelry & Accessories, Electronic Tools, Collectibles, Musical Instruments, and Other product types), By Services (Loan, Selling and Buying), By End-User (Generation X, Generation Y, and Baby Boomers), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Pawn Shops Market size is expected to be worth around USD 43.0 Bn by 2032 from USD 29.0 Bn in 2022, growing at a CAGR of 4.3% during the forecast period from 2023 to 2032.

The growing demand for good retailing, consumer lending, and appraising items to pawn or purchase from different age groups peoples such as Generation Y, Generation X, and Baby Boomers. Also, the rising trend of online purchases shops contributed to the growth of the pawn shops market. The increasing demand for loans such as short terms by different age groups peoples all around the world. The pawn shops involve a money lending procedure in exchange for a valuable asset that can be sold.

When the loan or money is not returned in the decided period. Products such as jewelry, devices, electronics, guns, and other items can be exchanged for a loan in the payment cost which is agreed upon by both parties. Also, the person engaged in the process of lending money for resale from traders and dealers is referred to as a Pawnbroker.

Market Scope

Product Type Analysis

Jewelry and Accessories is the Most Dominating segment in the Pawn Shop Market

Based on product, the market is segmented into Jewelry & Accessories, Collectibles, Electronic Tools, Musical Instruments, and Other types. Jewelry and accessories is the leading segment in the market, due to a large number of loans to exchange. Musical instruments segment is anticipated to witness considerable growth during the forecast period.

Services Analysis

The Loan Services is the Leading Segment in the Pawnshops Market

Based on services the market is segmented into Loans, Selling, and Buying. The loan segment is the most dominating segment in the market. Due to its efficient and easy method of acquiring a loan against important items, it is estimated to drive market growth during the projection period. Buying services is expected to witness significant growth over the forecast period.

End-User Analysis

Based on end-users, the market is segmented into Generation X, Generation Y, and Baby Boomers. Generation X also known as Gen Xers is the first generation to grow up with personal computers to the extent of becoming tech-savvy. Generation X does not have a more glamorous reputation compared to baby boomers but they don’t care. Baby boomers are the demographic unit that follows the silent generation and preceding generation X.

Generation X is tech-savvy but it is not tech-dependent. Generation Xers are more likely to object the excessive mobile use in social settings. Also, Generation Xers are expert DIYers. Generation Y is the oldest member of this generation which became adults at the turn of the millennium. The members of this generation grow with the surrounding by the technology and prefer to communicate through social media and text instead of email or face-to-face contact. This segment also shows significant growth in the pawn shop market.

Key Market Segments

By Type

• Jewelry &Accessories
• Electronic Tools
• Collectibles
• Musical Instruments
• Other product types

By Services

• Loan
• Selling and Buying

 By End-User

• Generation X
• Generation Y
• Baby Boomers

Market Dynamics

Drivers

The Growth in Convenient and Quick Methods of Loan Provision in a Short Time Period

The increasing demand for pawn services is due to the economic recession and the rising cost of living. Also growing popularity of TV shows about pawn shops increases the awareness about them in the general public. The pawn shops do not have any credit checks, no judgment, and personal questions while on the loan. There is no impact on our credit rating and there is no limit to taking methods for a loan. Such factors drive the growth of the pawn shop market. Also, the significant growth of the market is due to receiving a loan at a fast processing speed, and easily exchanging the item to the pawn shop at the required amount.

Receiving instant cash, and requiring no time to approve the item support for the growth of the market, and is responsible for the expansion of pawn shops. On our request or demands pawnshop easily gives access to money at pawn shops as many times as we want while other shops owner are not this flexible. Pawn shops become more mainstream with big-name retailers such as Walmart getting into the business. Pawn shops just expect to pay the first loan and then apply for another such strategy also helps to boost the growth of the pawn shop market.

Restraints

The Lack of Limited Number of Pawn Shops in Developing Nations

Every store is vulnerable to fraud and theft. Banks take less interest to work with this business due to the large chances of fraud. As repayments via credit card companies, which do not come from the merchant initially. The pawn shops have an extra concern about the legitimacy of the merchandise they purchase. The various instances of individuals selling stolen products to a pawn shop. The pawn shoppers are lying even though they are aware of the items that it is a third party.

The goods become more challenging as manufacturing gets better at producing realistic knock-offs. Such factors restrict the growth of the market. Also, pawn shop customers don’t have any protections instead of that financial institutions have regulations in place to give protection to the customers. The lack of limited numbers and awareness of pawn shops in developing regions. The pawn shops can sell jewelry and goods at high rates. The high value of merchandise includes a fraud case which leads to a greater loss of industry growth. which hamper the growth of the pawn shop market.

Opportunity

Growing Adoption of Pawn Shops in Several Regions

Various companies are providing online services through the online platform. The customers visit the pawn shops for the money loan from the pawnbrokers by keeping collaterals. The growing adoption of e-commerce in the pawn shop market generates several opportunities for the key players in the expansion of the market, through the online platform by expanding their customer base. For example, the pawnbroker is an antique that caters to bargain hunters looking to increase the short term through the selling, buying, or pawning of luxury jewelry, artwork collections, and other items through the online platform.

Trends

Growing Adoption of Online Pawnbrokers and Social Media as an Advertising Option

The global pawn shop market is expected to increase at a significant rate during the projection period in 2022. The pawn shop market is increasing at a considerable rate by the increasing adoption of advanced strategies by market key players. Pawn shops generally pay the most for jewelry such as gold and diamond, timepieces, designer purses, vintage sneakers, and handbags. However, every pawn shop can buy high-ticket items, and real estate, including vehicles and jewelry. The increasing adoption of the Brick & Mortar Retail Model and the rising adoption of social media as an advertising option.

Regional Analysis

North America is the Most Dominating Region in the Pawn Shops Market

North America is the most dominating region in the pawn shop markets. The rising trend of online trading and online earning is booming in the region which helps the growth of the pawn shops market in this region. However, the trend in this region about the convenient and quick loan methods given for a limited period is also gaining trend and now it is widely preferred by the people. The availability of several products along with a huge variety of pawn shops drives the growth of the pawn shop market in North America. It involves goods at a very cheap price. There is also increased demand for pawn shops in the Asia Pacific and Europe is growing at a considerable rate.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several bio-based surface disinfectant market companies are concentrating on expanding their existing operations and R&D facilities. Furthermore, businesses in the bio-based disinfectants market are developing new products and portfolio expansion strategies through investments and mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies such as spreading awareness about natural ingredients, which is boosting the target products' growth.

Market Key Players

• First Cash Financial Services Inc.
• EZCorp Inc
• Cash America International Inc.
• Pawngo
• UltraPawn, LLC
• Gold & Silver Pawn Shop
• American Jewelry and Loan
• Dollar Financial Group Global Corporation
• Browns Pawnbrokers
• New Bond Street Pawnbrokers
• Other key Players

Recent Developments

• In September 2016: Bravo Pawn Systems, a business leader in software advancement for pawnbroking, launched the first mobile app, Which offers Pawn services to the clientele at a single snap on their smartphones.

Report Scope