Feel like you’re caught in a time warp? You might if you’ve begun to notice the resurgence of layaway at stores. With the country in a financial funk for the moment and everyone watching their dollars, it seems retailers have fallen back on an oldie but a goody. Why? Simple. The old-fashion payment plan offers important benefits to shoppers.
Wait a minute, you might be thinking. If layaway has so many benefits, why was it phased out a decade or two ago? As times change, so do the perceived benefits of products and services. Let’s draw a timeline.
1970s and 1980s
Credit cards are born, but are mostly for commercial use and personal emergencies. The marketplace has not yet exploded with the use of revolving credit. Customers need a way to delay payment for items they purchase. Enter layaway.
What are the benefits copywriters promoted in their marketing pieces?
· Shop now and pay later.
· Pay a little at a time.
· The exact merchandise you select will be held for you.
· Receive your items immediately upon making your final payment.
The third and fourth benefits listed above would turn into drawbacks over the next 10 years.
1990s – 2000s
The credit invasion happens. Thanks to Bill Clinton, qualification requirements are loosened making it easier than ever for people to receive credit cards… even people who are already deeply in debt. Instant gratification takes over and the general population is lured in with the benefits of using credit cards instead of layaway.
· Shop now and pay later.
· Pay a little at a time.
· Take your merchandise home immediately.
Seems like the perfect situation. So why is layaway back and why would we want it since it was passed by 20 years ago? Changes in the economy.
People have too much debt. Prices on most things have risen dramatically. Unemployment is high. Because customers have too much debt, a lack of self-control when it comes to buying and the need to save money, they now want to avoid using the very credit cards they once cherished. They view layaway as an important feature for stores to offer. They are willing to forego the instant gratification of bringing home goods until after they have paid for them in full in exchange for paying a little at a time without the enormous interest rates credit card companies sometimes charge.
Layaway has, in effect, come full circle. Have the benefits changed? Nope! Copywriters still write about this service in the same way. Public opinion has changed.
That happens a lot in the marketplace and not just with payment plans. Doctors that use to make house calls don’t any longer because the need disappeared. With both parents working and kids in school, nobody was home to call on. However, for several years more and more parents have been staying home with the kids. Now, you see a few doctors and even some veterinarians bringing back the practice of house calls because society has changed.
As a good copywriter, you need to be aware of such changes so you can adjust your copy (or your clients’ copy) to match upcoming or recurring trends. Letting customers know products or services they once loved are back is an excellent way to boost sales.
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