Socio-economic significance of the pawnbroking business in Singapore

Abstract

This paper examines the socio-economic role of pawnshops in Singapore. It suggests that pawnshops are a barometer of socio-economic changes in Singapore. The changing style and operation of pawnshops es explored, as is the changing varieties of the items pledged. The research shows that pawnshops have adopted a new image and continue to have a significant role in modern Singapore. This paper also suggests that pawnshops serve cash strapped individuals, who ironically are not necessarily poor. Through data collected on redemptions and pledges, it is found that a high redemption rate both in number and amount reflects a period of economic growth; the reverse in true when the redemption rate falls.