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SINGAPORE: The economy may be down but business has been picking up for Singapore's 110 pawnshops. In fact, there have already been four applications for pawnbroker's licences in the last two months.
Following a sudden surge of customers during the inflationary burst earlier this year, many continue to pawn their valuables.
Ivan Ho, Singapore Pawnbrokers’ Association, said: "For the past couple of months, we felt that the inflation did create an impact to most of the citizens. But recently, due to the world financial crisis, the impact become more severe.
So the pawn brokers are facing a more prosperous period... we have to cope with all the customers who come in for financial assistance."
In the face of hard times, consumers are not only tightening their belts, but prefer to have cash in hand. Gold is another sure bet, with prices steadily increasing over the past two years.
Pawnbrokers said customers hope to see their gold pieces appreciate in value when they redeem their items at a later time.
But with the economic squeeze and rising gold prices, pawnshops are seeing fewer buyers picking up pawned jewellery.
Still, they said business continues to be brisk as those in need of small amounts of cash to tide them over resort to pawnshops, now that banks are stricter in approving loans. - CNA/vm
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