Paying For Things Dollar By Dollar Instead of Using Credit Cards
Alex Covert — February 19, 2009 — Business
References: springwise
I’m going to throw a word out there, and if you know what it is, you’re showing your age: Layaway. You see, once upon a time, there was an alternative to credit cards. You still paid a little bit at a time, but you didn’t get to take your purchase home until it was ALL paid for. Hmmm. Smart concept, huh?
Well, given today’s economic environment, layaway seems poised to make a comeback. Take these music concerts for example. The Coachella Valley Music and Arts Festival, the Stagecoach Country Music Festival, Country Thunder USA, and the Bonnaroo Music & Arts Festival each offer some sort of layaway or installment plan. What’s old is new again.
Photo by luismi1985 (Flickr)
Well, given today’s economic environment, layaway seems poised to make a comeback. Take these music concerts for example. The Coachella Valley Music and Arts Festival, the Stagecoach Country Music Festival, Country Thunder USA, and the Bonnaroo Music & Arts Festival each offer some sort of layaway or installment plan. What’s old is new again.
Photo by luismi1985 (Flickr)
Trend Themes
1. Layaway Concert Tickets - Layaway payment options for event tickets enable greater accessibility and affordability for audiences.
2. Installment Plans for Festivals - Increased festival ticket accessibility and sales with payment plans.
3. Alternative Payment Methods - Offering alternative payment methods like layaway and installment plans provides new opportunities for businesses to reach customers who cannot pay for large purchases all at once.
Industry Implications
1. Event Ticketing - Layaway payment options disrupt the traditional payment methods for event ticketing, providing consumers with greater affordability to attend more events.
2. Live Entertainment - The implementation of payment plans and other innovative payment structures creates opportunities to boost revenue in the live entertainment industry.
3. Retail - The concept of layaway can be applied to retail experiences, affording purchasing power to more customers and driving sales.
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