Global Pawn Shop Market: Overview
Pawn shop is a one of a unique place for buying and selling including tools, jewelry, guns, electronics, and other merchandises or getting cash loans at an installment cost settled upon by both the parties. These shops are considered as great option to retail unimportant and old products at a reasonable value as opposed to sell the items at a piece shop. They are taken care of by proficient staff for better worth expectation and confirmation of the item during resale.
Global Pawn Shop Market: Notable Developments
Initiatives taken by the players consist as a key and most significant notable development in the growth of the market. In the pawn shop market players are taking significant steps to stand out among other players and to get a firm hold in the market. Some of the key players include DFC Global Corp., EZCORP INC., Valley Pawn, KVP Group, American Pawn Company, Borro Private Finance, Luxury Asset Capital LLC, Cash Converters Pty Ltd, UEDA Co. Ltd, and Tiger Pawn Store. Prominent players are also investing in various organic and inorganic activities to get a stronger hold in the market.
For example, Borro Private Finance established in the U.S. and in U.K. pawnbroker organization, raised a store of US$ 112 million from Victory Park Capital Advisors, LLC (a U.S. based speculation firm). The subsidizing permitted Borro to extend its business over the U.K. what's more, to build its loaning ability to US$ 2 million for each benefit.
Additionally, later in 2016, Bravo Pawn Systems, a market head in programming advancement for pawn broking, propelled first versatile application, 'Mobile Pawn', which gives pawn administrations to its clients at a solitary snap on their cell phones.
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Global Pawn Shop Market: Drivers and Restraints
The global pawn shop market is expected to increase huge footing during the forecast period due to the simple and snappy access to cash at pawn shops. Cash got by pawning the thing can be utilized to satisfy essential necessities, for example, paying rents, power bills or for fuelling the vehicle. For example, as indicated by National Pawnbrokers Association, in the U.S, as per U.S. Financial Census of 2012, there were around 6,000 pawn foundations in 2007, which expanded to around 10,000 pawn foundations in 2012. Expanding requirement for speedy access to cash is relied upon to drive development of the pawn shop market.
Be that as it may, stringent government guidelines, for example, 'USA Patriot Act' and 'Truth in Lending Act' forced on pawn broking, so as to guarantee customer assurance and to counteract tax evasion occurrences is relied upon to obstruct the worldwide pawn shop market development.
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Global Pawn Shop Market: Regional Growth Prospects
Regionally, the global pawn shop market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these regions, analysts’ states that North America is expected to lead the global pawn shop market in the coming years. Increasing trend of online earning and online trading is booming in the region which makes this region highly susceptible for growth. Moreover, in this region trend of quick and convenient methods of loan provision that are given for short term has also gained huge trend and are now widely preferred by the people. Furthermore, availability of various products along with huge variety of shops has further augmented growth in North America pawn shop market. Other factors include cheap pricing of the goods. Besides, growth in other regions including Europe and Asia Pacific the demand for pawn shop is also rising at a considerable rate.
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