For many in Austria, money gets tight after Christmas, and even the presents end up with the pawnbroker.
After almost three years of Corona and almost a year of war in Ukraine, many have run out of cash. Experts are convinced that the crisis has long since reached the middle class, if not the upper class. The changed customer flows suggest this. “Meanwhile, life insurance and Porsches are valued in the six-figure range,” says an insider. These are mainly business people who are in dire need of liquidity in the company. There are many reasons for this: “Maybe some are still waiting for support or funding.”
Electronic devices are particularly affected
The online pawnshop “Cashy” is now warning of another danger. Around Christmas, more and more classic gifts are converted into short-term money. “The figures for entertainment electronics are rising the most, here it is 30 percent,” says founder Patrick Scheucher. “More and more Christmas presents are being pawned here.” The categories that show a strong increase are actually typical gifts: smartwatches are 50 percent more common in January, game consoles with 67 percent. TVs are even pawned 140 percent more often.
How this trend will develop against the background of the current energy and economic crisis is still unclear. Patrick Scheucher also expects an increase in the use of the Cashy service for the coming January: “Security loans are a good way to bridge short-term financing bottlenecks.”
A glimmer of hope: Patrick Scheucher emphasizes that in most cases the used goods are returned to their owners: “82 percent of the pledged goods are released again.”
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
