PawnMaster Blog

Millennials... The next generation now

Posted on 28 May 2019

Millennial debt has crept up to over 1 trillion dollars and is growing steadily. Credit card debt is one of the biggest causes of this dilemma, while student loans and mortgage debt follow closely behind it.

Although this may not be great news to the average millennial, it is an opportunity for pawnbrokers to gain more exposure to millennial business by finding a new generation of customers to serve. The growth rate of the pawn industry goes hand in hand with the nation's debt growth. The fact that most millennial debt is obtained through the use of credit cards tells the pawn industry one major thing; most millennials believe in the use of credit, which is a service pawn shops are able to deliver.

According to IRS data from the end of 2018, 55% of adults between ages 18- 35 make less than 25,000 annually. By taking a look at the numbers only, it’s clear the millennial generation needs a bit of financial assistance. Local pawnbrokers can serve as an additional financial outlet; it’s just a matter of educating this generation on your services. Even though millennials make up the largest living adult population, many of them are unaware of the no hassle resources pawn shops can provide. The more knowledgeable you are on millennial debt, the more chances your shop has of benefiting from it. Click the link for additional information on the millennial debt problem.

 

MLA website

Derrion Love

Written by Derrion Love

Derrion Love Joined Data Age Business Systems, Inc. in 2016 as the Receptionist and moved on to the role of Administrative Assistant in early 2019. From there she advanced to the Marketing department where she currently serves as the Marketing Administrator. She has seven years of experience in customer service as well as customer relationship management software. She attained her Master of Business Administration from St. Leo University in 2019 and received her Bachelors from Florida A&M University in 2015. With a strong educational foundation and skillful background in customer service and written communication, she works to bridge the gap between products and people.

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