Pawn shop industry booming
Kristina McCrill pawned her watch for $25 Tuesday so she could buy ham and pie for Christmas dinner. Oh, and maybe a cheesecake.
"I love cheesecake," the 39-year-old Yuba City resident said. "We just want to have a really nice meal."
McCrill was one of a dozen people who pawned items, paid off loans and searched for good bargain at Best Collateral, 516 D St., in Marysville, on Tuesday.
Best Collateral, with its eight stores in Northern California, is part of the booming pawn shop industry, which saw steady, solid growth over the last five years, according to a 30-page report by IBISWorld, a market research firm.
Nearly 5,300 pawn shops in the United States raked in $6.1 billion each year, including $1.1 billion in profits. Moreover, the industry grew 2.6 percent each year between 2006 and 2011. Growth will continue through the next five years, the report predicts, although at a slower clip, 1.3 percent.
"During the recession, consumers became really short on money," said Janet Shim, retail analyst for IBISWorld."Pawn shops were able to thrive because they were an easy way for customers to get short-term loans."
Usually it's very short term, said Tori Segers, manager of the Marysville Best Collateral.
A construction worker puts up tools he's not using to get building materials he needs to finish a job and get paid; a driver needs a spot of gas to make it till payday; parents need some diapers.
Sometimes, like with McCrill's Christmas dinner, it's a special occasion. That happened a lot right before Thanksgiving, Segers continued.
"A lot of people who didn't have money for Thanksgiving dinner, so they brought something in," she said.
Best Collateral bested the market, said Executive Vice President Don Bellville. The money the business made off loans soared 81 percent over the last five years. The property people didn't pay off went on the floor, generating 44 percent more money during that same period.
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