Could this be the time to reinstate layaway?
Why do I ask?
The 2008 “Getting Paid in America” survey finds that 71 percent of American employees live paycheck to paycheck. The figure is up from 67 percent last year.
It’s a grim fact that retailers might be wise to take into consideration. While credit cards have all but obliterated layaway, perhaps — in these challenging economic times — Americans might appreciate the opportunity to buy something as they can pay for it, even if it means delaying the gratification of owning that something.
Not sure? How about an in-store poll asking shoppers if they would use layaway.
The online survey conducted by the American Payroll Association asked respondents how difficult it would be to meet their financial obligations if their paycheck were delayed for a week.
Of 45,000 people surveyed, 31,946 respondents said it would be tough.
If Americans are suffering economically, then retailers will suffer, too. Layaway might be one way to help your customer and your store at the same time.