The rise of quick luxury pawning is not fully understood, but it can be explained by two trends in the luxury market. First, the average age of the target customer is getting younger — consulting firm Bain & Company estimates that millennials and Gen Z will account for 45 percent of the global personal luxury goods market by 2025. Second, the availability of online luxury pawn brokers is making it easier to sell items for cash quickly.

For example, quick luxury pawning person who needed to quickly raise funds for an unexpected expense sold a rare Hermes handbag at a local pawn shop. They received much less than the original purchase price for the bag, but they were able to redeem it a month later after paying interest on the loan.

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Affluent consumers often have more luxury handbags than they can use or want, and many of these bags may be in pristine condition. Pawn shops are one of the best places to buy these designer bags at a discount, as they offer a wide selection and can usually negotiate prices with customers.

In addition to luxury handbags, pawn shops also typically carry collector sneakers, high-end watches and rare jewelry pieces. Buying these pre-owned items from a pawn shop can save you money and is an environmentally-friendly option, as it keeps these luxury items out of landfills.

If you’re looking to sell or pawn luxury items, it’s important to research their value before you go into a store or work with an online broker. This will help you negotiate a fair price and avoid overselling your items.