Recession rough on gamers, good for pawn shops

While most businesses are currently feeling the economic pinch, there is at least one sector that is currently witnessing an economic boost: Pawn shops.

And who do pawn shops credit for this business upswing? The answer is, quite simply, the video game community.

According to a story in the Chicago Tribune, pawn shops such as Ace Pawn Shop in Bloomington, Indiana (USA), have noted the increase of game consoles and high-end televisions brought into their stores. The story then mentions that Tom Haggerty, who owns TomCat’s Pawn (also in Bloomington, IN), has also seen an increase in the amount of game systems and high-definition televisions being brought in, adding that “these items are then selling fast.”

For avid gamers, parting with a game console and television has to be one of the hardest decisions but, in these economic conditions, it is a choice that must be made for one’s own survival.

While the exact amount that gamers are getting in exchange for their systems at pawn shops is not indicated, expect to get about half the going resell value for your area. For those buying pawned game systems, you’ll still be paying considerably less than retail (but won’t get the manufacturer’s warranty).

With that in mind, it is still no surprise that these items are going as fast as they are coming in, especially for those looking for a worthwhile deal.

What has become surprising in this situation is the increased spectrum of people who are using pawn shops which used to be visited only by individuals desperate to get quick cash.

Greg Engstrom, president of the Indiana Pawnbrokers Association, emphasized this point when he said, “[I]t has spread beyond traditional pawn customers to people from all income levels fearing the loss of their homes.”

As the economy worsens, more gamers may be forced to part with their favorite forms of enjoyment. Let’s hope that this situation improves at least somewhat in this administration.

Read [Chicago Tribune] Via [GamePolitics]