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Boston, MA (PRWEB) December 30, 2012
As consumers continue to adjust their payment patterns in the wake of the Great Recession, major retailers' layaway programs appear to be gaining new traction during the 2012 holiday shopping season. Programs are attracting consumer interest beyond the demographic segments traditionally associated with layaway. The much-discussed "new frugality" of post recession consumers suggests that delayed purchasing gratification is not just a required virtue for some consumers; it may have new acceptability as a credit alternative.
"Will layaway become a fixture of the retail environment beyond today's post-recession environment, perhaps on a year-round basis? Consumers' cautious use of credit cards suggests discipline-focused layaway programs can have relevance today, especially as they overcome any downscale stigma they might retain from past incarnations. Layaway transcends our usual categorization of payments as pay-now/ pay-before/ or pay-later. This pay-before/over-time product may just replace some traditional credit card volume this holiday season, and perhaps beyond it," comments Ken Paterson, VP for Research Operations at Mercator Advisory Group and the primary author of the report.
This report reviews major retailers layaway program offerings in the context of consumer interests, and explores its potential for future growth.