Heyday for Layaway?
When the biggest name in retail – Walmart – announced that they planned to revive layaway for Holiday 2011, BIGinsight™ took notice. And this month as part of our November monthly survey, we asked consumers if they were planning to utilize this service to help with holiday shopping, what items they planned to add to layaway, and – of course – where they would open an “account.”
The results are in: more than one in ten consumers (12.2%) plan to utilize layaway for Holiday 2011. This number rises to 20.0% among Kmart shoppers*, 15.6% with Walmart shoppers, and 15.8% for Toys R Us shoppers. Best Buy shoppers index slightly lower than average (11.0%).
So why are we looking at Best Buy shoppers? Best Buy doesn’t offer layaway.
That might be too bad for Best Buy. A closer look shows us that among Best Buy shoppers planning to use layaway, 58.0% plan to put Electronics into a plan. And where are Best Buy shoppers most likely to use layaway services? That’s right, at Electronics rival Walmart. A holiday shopper knows no loyalty when it comes to finding the best way to maximize budgets and ward off debt.
But let’s get back to the broader details of our findings. Electronics (56.5%), Toys (40.3%), and Apparel (32.5%) are the items most likely to find their way into layaway this holiday season:
Finally, while Walmart (69.0%) and Kmart (42.1%) are by far the preferred venues for layaway, it appears that Toys R Us and Sears will see a fair share of layaway shoppers as well:
For more information on this data, please contact BIGinsight™.
* “Shoppers” defined as those who shop most often at a particular retailer for one or more major merchandise categories (including Apparel, Shoes, Groceries, Electronics, Sporting Goods, Heath & Beauty Care, Linens/Bedding, Toys, etc.)
© 2011, Prosper®
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