The global pawn shop market is anticipated to grow at a considerable CAGR of 3.2% during the forecast period (2023–2029). Pawn shops are also known as pawn broking. It is the traditional means of obtaining money in less time. This money is given as a loan against certain possession of the loan borrower. If the borrower does not repay the principal amount with interest after the decided maturation date of the loan, the possession of the borrower is fortified, and the pawn shop owner can resell it to other customers again. The primary factor supporting the market growth includes the ease and discounts that pawn shops offer to individuals. The pawn shop is a unique venue for cash loans and selling or purchasing a broad range of products, including jewelry, tools, electronics, rifles, and other retail items, at a payment cost agreed upon by both parties.
Browse the full report description of “Pawn Shop Market Size, Share, and Trends Analysis Report by Product Type (Jewelry and Accessories, Electronics and Tools, Antique Collectibles, Musical Instruments, Precious Metals, and Stones, Guns, and Others), and by Service (Loan, Selling, and Buying) Forecast Period (2023-2029)” at https://www.omrglobal.com/industry-reports/pawn-shop-market
Another key factor bolstering the growth of the market includes the growing development and launches of online pawn shops and payment solutions by various software developers. For instance, in March 2020, PawnMate Inc., a Pawn Shop Software and Web Development company teams up with BLUEDOG to provide a seamless, and low-cost debit and credit card processing solution for PawnMate clients for both in-store, and through PawnMate’s Online Payment System- FastPawn. Through this, pawn Shop customers will have more payment options, such as paying their loans online from any connected device. Pawn Shops will make more per transaction, and with a single merchant account across all of your revenue channels your day-to-day activities, like tracking payments, and reconciliation.
Besides, expansions, new product launches, and investments by established and new pawn shop players such as New Bond Street Pawnbrokers, Pawngo, UltraPawn, LLC, and Welsh Pawn, among others, also increase the market’s growth. For instance, in February 2023, Dinewise, Inc. launched its AI-powered online market place called PawnTrust. PawnTrust is a data intelligence platform focused on the pawn and loan industries. Its objective is to provide a safe platform for lending money to users, as well as to employ trusted sources to authenticate users, pawn brokers, and lenders, and to ensure law enforcement compliance across the US.
Market Coverage
• The Market Number Available for – 2023-2029
o Base year- 2022
o Forecast period- 2023-2029
• Segment Covered-
o By Product Type
o By Service
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- American Jewelry and Loan, Big Pawn Inc., Browns Family Jewellers, Browns Pawnbrokers, Buckeye Pawn Shop, and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Pawn Shops Market Report Segment
By Product Type
By Service
Global Pawn Shops Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
To learn more about this report request a free sample copy @ https://www.omrglobal.com/request-sample/pawn-shop-market