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Millennials In The Pawn Industry

The world is adjusting to the digital age and consumers are becoming more conscious of the internet arena, and many brands across the country have become more aware of the spending habits of the next generation. Data shows that 81% of millennials continue to spend money with brick and mortar retail stores! Pawn shops can provide a need or want from Millennials that many other normal retailers cannot produce, which is a sense of vintage material. 

The new generations have access to all facets of the world at their fingertips and the expectations of brands have increased drastically. Millennials have been raised into a society of quick fulfillment and want to stand out within their social horizon. This can lead into Millennials expecting brands to produce a story associated with any particular product. The pawn industry could be great for the new consumer with products that not only come with a story, but in some cases give an escape from the information age to the buyer. 

Vintage material has become popular within the new generation, while purchasing used Louis Vuitton handbags, vintage vinyl record players, and older game consoles. We can find older materials such as Playstations, Nintendo 64s, Polaroid cameras and even valuable collectible coins! Pawnshops can be a new alleyway for shopping experiences especially in the jewelry department focusing on the emotional side of the stories behind each individual piece!

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