Pawn shops see increase in business amid inflation

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Posted at 11:00 PM, Jul 01, 2022
and last updated 2022-07-01 23:51:30-04

NICHOLASVILLE, Ky. (LEX 18) — Pawn shop owners are seeing a spike in business as inflation pushes people to bring in more valuables.

"Cars, tools, firearms, I mean it's been wild," said Kevin Mashni, owner of Sam's Gold & Pawn.

"Every once in a while, I pawn my phone when we get in a bad spot. Gas is so high it's been rough getting through the month," said customer Richard Montgomery.

Mashni said customers often come in for the same reason.

"Everybody needed the money to go get gas or get food and groceries for their kids," he explained.

Mashni said this is a complete turnaround from stimulus season in 2021.

"Last year you would come in here there would be no firearms on the wall, everybody was just coming in here spending. Now it's reversed everybody needs money. Now we have more inventory because nobody is buying."