Layaways expected to increase leading up to holidays
The months leading up to the holiday shopping season are both hectic and exciting for retailers. This period of high sales is always anticipated to boost economic conditions, especially over the past few years since the recession. Although the outlook has been getting brighter for the United States, there are some consumers who are still struggling. These individuals certainly do not want to miss out on holiday shopping, so they are relying on store layaway programs that provide an alternative option for purchasing the gifts and items they want. Retailers are focusing their efforts on increasing their layaway methods to accommodate these customers.
Layaway options already being offered
In the hopes of bringing more consumers who are looking to get their holiday shopping completed early, retailers are already gearing up their layaway efforts. According to The Street, big name retailers are relaunching these methods to provide more options for customers. These companies had done away with or decreased their layaway offerings, as it became unpopular a few years ago. However, the economic downturn forced many to begin offering the service again.
Wal-Mart and Toys-R-Us are some of the largest retailers who are aiming to accommodate shoppers who prefer to layaway items, states the source. Other big brands include Kmart, T.J. Maxx and Sears. These companies don't have layaway for customers during the rest of the year and are providing the option just for the holiday season. They have also decided to waive fees and other costs that normally come with layaway to attract consumers who might be cash-strapped.
Money-conscious consumers can benefit from layaways
Industry experts anticipate that both large and smaller retailers could begin offering the option as the holiday shopping season gets closer, according to ABC News. These methods offer many benefits for consumers who might not have access to credit cards or are strapped for cash. The number of Americans who have financial troubles has risen significantly over the past few years, and layaway options allow them to afford the items and gifts they are looking for.
Additionally, brick-and-mortar retailers are using this strategy to draw in shoppers, as online retailers normally do not offer the service. As these stores compete with internet sellers, layaway options can increase revenue and customer retention as more shoppers come into the physical location to purchase goods.
