Pawn shops see drop in business as govt doles out aid


Angie Tan

Unlike during the movement-control order last March, which saw suddenly cash-strapped Malaysians rushing to pawn their valuables, MCO 2.0 finds more people making use of government aid money and EPF withdrawals to redeem their pawned belongings. – The Malaysian Insight file pic, February 10, 2021.

MITIGATING measures taken by the government to help Malaysians overcome their economic hardship have had dire consequences on pawnbrokers – their business is down by up to 30% since January.

Pawnbrokers told The Malaysian Insight that the first round of movement-control order (MCO) last March resulted in people being caught off-guard and in need of urgent cash, prompting them to find solutions by pawning their valuables.


Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!


Sign up or sign in here to comment.


Comments


  • An eye opener and a market revelation ie when the older segment of the population (preferred) gold and what had you (to) tide over unforseen circumstances

    The industry being painted into a corner of sorts as expounded in the article

    Anyway, the pandemic has indeed (more) than left its foot prints on many an industry besides (in some instances) leaving a trail of destruction

    It now dawns on me (though i turn 66 mid year) the immense 'suffering and disruption' to the lives of the common citizenary (then) ie at the given point in time (eg) ww1/ww2/the dropping of the atomic bomb

    Phew, i guess (we) got to take challenges into our stride befitting the circumstance (at) the given moment in time albeit (maybe) embracing the maxim - rewire or rust

    Posted 3 months ago by Warrick singh dhalial