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Throughout the past year, the word “essential” has been used a lot. People had to consider the essential things they needed to get through the day and we started to realise how essential certain professions are, even the ones we took for granted like cashier’s and petrol station attendants. During this pandemic Pawnshops also became essential as they helped get people through difficult financial times.
When states and big cities like Melbourne were put under lockdown the economy shut down. People could not go to work and business people could not open unless they fell under the “essential” business category. Some Pawnshops shut down and others tried to stay open. Those that did stay open had to follow strict rules like social distancing, wearing of masks, continuous sanitization and doing as much as they needed to keep their customers safe. For most people, business has not been good and a lot of people lost their jobs. Many people found themselves in need of cash. COVID-19 caught a lot of people off guard. No one saw it coming and therefore, no one had money stashed away for a health emergency with such a huge effect. A lot of Pawnshops started seeing more people coming in to access loans or to sell valuable items they did not need. A pawnshop can help people get the cash they need to get through this difficult time.
As lockdown rules were relaxed, more people could return to work but things have changed drastically. It seems that even the essential food items had become more expensive during the pandemic and a lot of people were discovering that their paychecks no longer stretched as much as they used to. So, even with relaxed regulations, the lines outside Pawnshops has kept growing.
With “disposable” income shrinking, people’s shopping habits have also changed. More people turn towards less expensive ways of shopping for items like TVs, electronics, cellphones and jewellery. Anyone who has a broken TV now has to think wisely about replacing it. Do you go to big box retailers or do you buy a used TV that is cheaper at a pawnshop?
Gold jewellery has remained popular at Pawnshops. People are still coming in to sell their old or used gold jewellery for cash. People have also continued to buy gold jewellery from Pawnbrokers. Pandemic or no pandemic, people will still want to get married, they will still have important dates to celebrate and for that reason, Pawnshops gladly give out loans against gold jewelley or they buy jewellery to resell at affordable prices.
When schools were shut down and people were required to work from home, the sale of electronic goods went up. Parents had to find things to keep their kids occupied or electronics like tablets and laptops that would enable them to continue with online learning. Pepe who never had to think much about the technology they needed to work going had to adjust to online work, virtual meetings, etc. They found themselves needing better computers or tablets or smartphones. Connectivity became important not only for work but for keeping in touch with family, friends and the rest of the world; and so the sale of electronics went up which was good for Pawnshops.
The more people stayed home the more they needed to keep themselves occupied and entertained to stop themselves form going stir-crazy; and so Pawnshops found themselves buying and selling play sets, bicycles, outdoor pools and more.
Pawnshops found themselves doing more business than before both as loan providers as well as purveyors of goods. They have proven to be an essential part, necessary for people to get through what arguably could be the worst pandemic we’ve had in recent history.
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