The pawnshops in China are getting a steady inflow of luxury watches these days. And the pawnshops owners aren’t complaining. Many people come in to these pawnshops to exchange watches in return for money. Wang Shulin, a senior technician with Huaxia Pawnshop says, “In the last five years, the watch business has increased almost every day. I see luxury watches every day and even several a day recently.”
Almost thirty percent of the personal goods business at Baoruitong Pawn Shop, which happens to be one of the oldest pawnshops in Beijing, is that of luxury watches. They sell these watches for around 200,000 and 400,000 yuan, which isn’t too bad. Xie Yifan, the director of civilian goods says that the pawnshops act as financing cahnnels for owners of small and medium entrepreneurs. He recounts that earlier this month, a man brought seven watches at a pawnshop near the North Third Ring Road. All the watches belonged to the top ten brands in the world. He was expecting to get around 250,000 yuan.
He also adds that “The increase in luxury watches reflects the economic growth of society.” Well yes that is true cause only rich people can afford these luxury watches. But then selling them isn’t a sign of an upswing in your fortunes.