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SOURCE: Prosper Business Development
A new analysis from BIGinsight™ identifies Walmart and Kmart as top destinations for layaway this holiday season. Electronics, Toys and Apparel are the gifts most likely to end up in the layaway bin. 88.3% of "layaway-ers" say a store’s layaway program motivates them to shop there and 43.2% are using layaway for the first time this year.
Worthington, OH (PRWEB) November 20, 2012
Although just over 1 in 10 plan to use layaway (12.3%), discount stores are most likely to reap rewards from a rejuvenated depression-era policy, according to a recent BIGinsight™ Monthly Consumer Survey (NOV-12, N = 9383). Of those who have or are planning to pay on gifts in installments, 65.5% plan to use Walmart’s program and 42.2% plan to sign up with Kmart. Toys R Us trails at 21.2%, but rounds out the top three.
When it comes to which items layaway shoppers are reserving this holiday season, Electronics (57.5%) tops the list, followed by Toys (41.2%) and Apparel (36.4%).
“Do you plan to or have you already put holiday gifts in Layaway for any of the following merchandise categories?” (Holiday Layaway Shoppers)
Electronics -- 57.5%
Toys -- 41.2%
Apparel -- 36.4%
Jewelry -- 17.5%
Furniture -- 13.6%
Home Décor -- 13.0%
Baby Equipment -- 12.3%
Linens or Bedding -- 9.7%
Lawn & Garden -- 6.5%
*The sum of the % totals may be greater than 100% because the respondents can select more than one answer.
It appears that availability of a layaway program is a motivation for "layaway-ers;" 88.3% say it’s a factor in deciding where to shop. 2 in 5 (43.2%) report they are new to the practice of putting items on hold, while a majority (56.8%) have used layaway in previous holiday seasons.
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“While plans to use layaway aren’t staggering this holiday season, this service provides a relief for those shoppers seeking to stick to their budgets while staying off the credit cards,” said Pam Goodfellow, Consumer Insights Director, BIGinsight. “To maximize their efforts, retailers really need to understand layaway shoppers and cater their program promotions in a manner that speaks specifically to this unique segment.”
For ten characteristics of layaway shoppers, view Layaway: Bygone Gimmick or Modern Day Marvel?
BIGinsight™ delivers customized timely market intelligence from various sources through its cloud-based technology-driven Integrated Solutions Platform. Solutions are delivered on multiple devices (PC/Tablet/Smartphone) though the InsightCenter™ tool using diverse information sources relevant to clients’ business needs.
Pam Goodfellow, Consumer Insights Director
Chrissy Wissinger, Senior Manager, Communications
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