Pawn Shops seeing boom in business amid inflation
TALLAHASSEE, Fla. (WCTV) - The owner of Folmar’s Pawn Shop said business is up about 50 percent in volume from last year and this is the biggest increase in business he’s seen in recent history.
Alex Folmar has been in the pawn shop business for 25 years and he said right now more people are taking out short term loans than he’s ever experienced.
“During the pandemic, loan demand was low, but once stimulus and unemployment checks dried up and inflation came in, it’s been a 180 with people coming in borrowing money pretty constantly,” Folmar said.
Chloe Carroll said she’s been thrift and pawn shopping more so she can afford groceries, gas and rent.
“It’s become really important to look at stuff that’s more used,” Carroll said. “I don’t know if I’m going to see something that cheap for a really long time.”
Folmar said the most popular items coming in are jewelry, guns, tools, and electronics.
Normally business sales slow down in the spring and summer, but Folmar said this year business has stayed busy and steady all year long.
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