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Retail giant Walmart recently changed its layaway policy to get rid of the small up-front fee for customers who want to gradually pay off large purchases. With the holidays just around the corner, many shoppers may benefit from layaway services. How many consumers use layaway services and how many would consider doing so if no fee is involved?
Layaway Services
In Ask Your Target Market’s latest survey, 47% of consumers said they have used layaway services at stores. Females and respondents over 34 were slightly more likely to have used layaway programs. Of the 53% who have not used layaway, just 9% said they would definitely consider doing so. Another 37% said they would probably consider using layaway for large purchases. 38% said they would probably not consider using layaway. And 16% said they would definitely not use layaway for large purchases.
Shopping Decisions
Of those who have used layaway services, 47% said that the availability of a layaway program has definitely impacted their decision to shop at a certain store. 31% said that layaway has somewhat impacted their decision to shop at a certain store. And 23% said that layaway programs have not impacted their shopping decisions at all.
Layaway Fees
Only 12% of shoppers who’ve used layaway said that they’ve paid a fee of $10 or more. And 39% said they have paid a fee of less than $10 for layaway. 50% of shoppers who’ve used layaway said they’ve never paid a fee to use the services. Only 2% of overall consumers said they would definitely pay a fee to use layaway. 17% said they would probably pay a fee to use layaway. 40% said they would probably not pay a fee. And 41% said they would definitely not pay a fee to use layaway. Men and respondents over 34 were slightly more likely to say they would pay to use layaway services.You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.Photo Credit: Kmart – Sedalia, MO from FlickrWhat do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on September 7 via AYTM’s online survey panel.
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