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How Your Pawn Shop Can Capitalize on Millennials’ Obsession with Nostalgia

Pawn Shop Marketing

Millennials, otherwise known as Generation Y, are obsessing over items they consider nostalgic. Whether or not these items were originally a part of their generation or their parents’ (the Baby Boomers), they are seeking out products from the past that they associate with the “good old days.”

Lucky for you, they’re ready and willing to shell out their hard earned cash for these items, even if at a higher price point.

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Read on to learn about some of the “re-trending” items that millennials are seeking out and why you should consider taking these items off people’s hands to resell them.

The Nostalgic Items Millennials are Spending Money On

Millennials were born between 1982 and 2002, so the generation is technically comprised of 15-35 year-olds. However, you’re most likely to see 25-35 year-olds splurge on nostalgic items given their buying power and their ability to remember / associate with these items.

Vinyl & Turntables

Vinyl has seen a huge resurgence—with millennials. Many call this a trend among ‘hipsters’ who want to bring the ‘cool’ back by consuming retro media.

However, these hipsters are in abundance—and they have money. It was recently reported that the demand for vinyl has actually surpassed digital format. So much so, that Sony and other companies are scrambling to open up record-manufacturing facilities and hiring those with the expertise to make vinyl records.

Apart from the fortunate ones who were able to take their parents’ old record collection off their hands, it is no secret that this hobby is an expensive one.

Don’t discredit the “perceived” value of vintage records when customers bring them into your shop. The same goes for turntables, which are retailing at high price points for the brand new models on the market.

Buy vinyl and turntables, and be sure to highlight your inventory all your social media channels and more.

Old-School Video Game Consoles (Nintendo NES, Game Boy, Atari)

There has been such a strong resurgence in the interest of old video game consoles that Nintendo has resurrected the NES, the classic Nintendo Entertainment System. The same goes for Atari with their original Atari console.

If you see someone walk into your shop with one of these (or Super Nintendo, Game Boy, etc), it wouldn’t be a bad idea to buy it. These are in high demand and millennials are willing to pay.

Movie Posters

If a customer brings in an original movie poster for movies like “The Departed,” “Star Wars,” “Scar Face” or “Fight Club” — take them off your customers’ hands. Millennials are cult movie buffs, and you want to capitalize on those “cult classic” films.

Polaroid Cameras

Millennials ironically go nuts for “instant” and “retro,” and there’s nothing more “instant and retro” than Polaroid camera photography. To capitalize on this resurgence, Kodak has launched new versions of the Polaroid camera. However, millennials are looking for the real deal. If someone brings an original Polaroid camera into your shop, we suggest giving it consideration.

Tamagotchis

These egg-shaped, digital hand-held pets were extremely popular in the 90’s, and boy, are millennials nostalgic about the 90’s. These are coming back as a novelty item. So if someone brings a tamagotchi to your pawn shop, consider taking it off their hands.

90’s Clothing

Neon color-block track suits and Memphis print designs are all the rage again. These are popping up at festivals and in everyday wardrobes as millennials grow nostalgic for the clothing they grew up with. There are even 90’s themed bar crawls that are happening across the US, and millennials need their “real deal” outfits.

If someone takes their old bright-colored 90’s clothing (or even 80’s clothing) into your pawn shop…well, you know the drill.

More customers, more deals.
Start making offers today.

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Summary
Article Name
How Your Pawn Shop Can Capitalize on Millennials’ Obsession with Nostalgia
Description
Learn how your pawn shop can capitalize on millennials' obsession with nostalgic items! Find out what these items are and why you should consider stocking these in your shop.
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PawnGuru
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