Why millennials frequent pawn shops more than other age groups

Cash for Gold 1 stock image. Image of bills, hand, jewelry - 27787315

Millennials is a word used for people born at the dawn of a new millennium – and that would be around 1990. A lot has been said about millennials. Their habits are studied and followed by many throughout the world. They are the vanguard of the coming future. One habit that has been observed about this generation is its spend thriftiness. Millennials would rather visit consignment stores and pawnshops than other stores. 

Why? This generation has come to realize the perks of second-hand goods. This is true especially when it comes to items like gold jewellery. They have turned second hand shopping into a kind of treasure hunt where the rewards are great deals and cool pieces. This has made pawn shops and thrift stores fashionable again. 

Millennials are turning away from consumerism and advocating reuse and recycling. First because they realise that the resources we have in the world like gold are not infinite. They are all for turning unwanted things into cash that can help people get out of bad financial situations. 

Estate gold jewellery items items that may have been sitting gathering dust in some attic are now ending up in a pawnshop where style bloggers hunt for special unique pieces at reasonably low prices.  

The other reason why this generation loves pawnshops as much as it does has to do with the flexibility that pawnshops offer it’s customers. You can pawn items for a loan an repay the loan on time to redeem them or you could simply sell the item outright or let the loan lapse. This gives you options how you want to engage with a pawnbrokers. 

Millennials are connected and technologically savvy. They live their lives online and they are the ones that businesses pander to, hence why so many industries have had to join the digital movement. These days, we don’t spend hours walking or driving around to find a “pawn shop near me” with the best price, they simply Google things. They are more likely to have a better knowledge about the things they have to pawn or sell and how pawning works. They know what they want, and know what they deserve and tend to be tenacious negotiators when they need to be. 

It has been estimated that in the last 5 years over 42% millennials have used pawn shops for one reason or another. All this goes against the common held stereotype that says the young generation are more likely to overuse their credit cards than to try the services of a pawn shop. They might be more financial savvy than most people give them credit. 

So, take a page out the millennials financial story and instead of boxing away your unwanted, unworn gold jewellery or your old family heirlooms find a “pawn shop near me” and you may walk away with a cool wad of cash that you can use to get something that is useful and give someone a chance to find that piece of jewellery they have been looking for at a cheaper price.