Walmart, Kmart Top Layaway Destinations for Holidays
Nov 21, 2012
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Walmart and Kmart are top retail destinations for layaway in the 2012 holiday season, according to a new analysis from BIGinsight.
Items most likely to be put on layaway, according to the retail market reporting firm:
* electronics: 57.5%
* toys: 41.2%
* apparel: 36.4%
* jewelry: 17.5%
* furniture: 13.6%
* home decor: 13.0%
* baby equipment: 12.3%
* linens or bedding: 9.7%
* lawn & garden: 6.5%
Only 12.3% of shoppers plan to use layaway, and discount stores are most likely to reap rewards from this rejuvenated depression-era program.
Of those shoppers planning on using layaway:
* 65.5% plan to layaway at Walmart
* 42.2% plan to layaway at Kmart
* 21.2% plan to layaway at Toys R Us
Layaway programs motivate shopping destinations: 88.3% of those using layaway say it is a factor in deciding where to shop.
"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."
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