Young, affluent customers turn to luxury pawn shops for quick cash
Seoul - Yonhap
Pawn shops here have developed a new clientele, data showed Monday, as younger and more affluent customers are turning to the previously shunned businesses when in need of quick loans. According to the Financial Supervisory Service (FSS) and the Korea Federation of Savings Banks, there were more than 400 pawnbrokers dealing in luxury goods in Seoul and other major cities as of this year -- a vast transformation from the early 2000s when pawning items such as Coach bags and Rolexes was virtually non-existent.
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