U.S. Pawn Shop Market Growth - Industry In Depth Study And Huge Demand In Future 2022-2028
The pawn shop market in the United States is a multi-billion dollar industry that has been in existence for centuries. Pawn shops offer a variety of services, including short-term loans, sales of second-hand goods, and purchases of valuable items. According to industry reports, there are approximately 12,000 pawn shops operating in the United States, with annual revenue of around $6 billion. The industry employs an estimated 35,000 people. Pawn shops typically operate by accepting items of value as collateral for a loan. The borrower then has a set amount of time to repay the loan with interest, or forfeit the item to the pawn shop, which can then be resold. Pawn shops also buy items outright from individuals, often at a lower price than retail value, and then resell them in their stores. The types of items pawned or sold in pawn shops vary widely, but often include jewelry, firearms, electronics, musical instruments, and other valuable items. Some pawn shops specialize in certain type...