The Role of Pawn Shops During the COVID-19 Pandemic

August 20, 2020 11:47 pm Published by Leave your thoughts

The term “essential” has been used to describe many types of businesses during the COVID-19 pandemic. Usually it refers to healthcare facilities, grocery stores or pharmacies, but another kind of business considered essential is the pawn shop in Barberton, OH.

When governors across the United States shut down their economies except for “essential” businesses earlier this year, pawn shops were still considered essential under the guidelines provided. Like other businesses, pawn shops have had to pivot the way in which they operate to create a safer experience for their customers, including changing hours, adding hand sanitizing stations, adding markers for easier social distancing and implementing plexiglass partitions at the counter. But in general, pawn shops have continued to operate during the pandemic, and in many cases have actually seen an uptick in business.

What makes pawn shops vital during a pandemic?

At the beginning of the pandemic, as states began to shut down, customers started coming in to pawn shops in larger numbers to get loans after having been laid off or furloughed. This showed the necessity of pawn shops—they were a vital way for people in need to get some quick cash so they could meet their basic, everyday financial responsibilities during a time of economic crisis.

As the spring and summer went on, though, and some people got back to work and many others got their stimulus checks, pawn shops began processing a lot more sales. People had a little more money in their pocket, and began purchasing more items at pawn shops, where there are often better deals to be found than other places on the market.

Gold and silver remained popular items, and they always are considered a prime choice for buyers or investors during periods of economic instability. Firearm sales were also up, which is also common during times of political upheaval or economic confusion. With schools shut down, electronics became extremely popular, particularly tablets and laptops, as parents were desperate to find ways to keep their children busy while they were working from home and unable to pay constant attention to them. And as the weather got nicer, other items became particularly popular, especially as they sold out at stores: outdoor pools, play sets, bicycles, golf clubs and more.

For people who do not have access to bank accounts, pawn shops are truly an essential business in Barberton, OH. Collateral loans have existed for thousands of years, and have always provided people with a way to get the most amount of money for their item, and as fast as possible.

It is expected that pawn shops will continue to provide essential services as people continue to struggle with joblessness or underemployment due to pandemic restrictions.

For more information about the services pawn shops offer and what makes them so essential, we encourage you to contact our pawn and jewelry shop in Barberton, OH. We have been open throughout this entire pandemic to serve you, and are always here for our customers. We look forward to seeing you soon!

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