July 28, 2024
Walmart is bringing back its very popular layaway program this holiday season. It made the decision in response to a very strong interest in the service from its customers. The new program will run September 1 through December 14, giving customers over three months of planning time for holiday purchases.
Layaway programs are certainly nothing new for Walmart. The retailer introduced layaway decades ago as a way for customers to buy items without having to pay for them fully at the moment of purchase. Over the years, Walmart has remained current with this offering and changed it to meet evolving customer needs and market trends.
How Layaway Works
Walmart’s layaway program is pretty simple. Customers choose the items they want and put down a slight deposit. The store then holds those items while the shopper pays over time. That helps budgeting, because it allows shoppers to pay little by little.
Customers using layaway must pay either $10 or 10% of the item’s price, whichever is larger. Customers can arrange for payments either in-store or online. Consumers have until December 14 to pay their layaway balance. If the balance has not been paid by then, Walmart will cancel the order and refund the money less the $10 cancellation fee for that order.
Eligible Items
Not all items are eligible for layaway. Walmart has categories that participate in this program. These include participating categories in toys, electronics, home appliances, and some sporting goods. Jewelry and bigger furniture items are also included in the layaway. Items such as groceries and clothing, and clearance items, are not covered under the policy.
Layaway Benefits
It has many advantages for customers at Walmart. First, it offers a route to budget for holiday shopping. Many people find it hard to make the full payment all at once. Layaway spreads out the cost over several months. This can help make bigger-ticket items like game consoles, TVs, and other electronics more affordable.
Second, layaway will help people avoid credit card debt. As opposed to placing holiday purchases on a credit card, layaway allows customers to pay for products over time, interest-free. This is a significant advantage for people who want to be responsible with their money.
Reactions of Customers
Consumers, however, have responded well to layaway’s return. Many customers took to social media to express their excitement. One shopper tweeted, “So happy Walmart is bringing back layaway! This makes holiday shopping so much easier.” Another wrote on Facebook, “I rely on layaway every year. It helps me get gifts for my kids without breaking the bank.”
However, some customers did bring up an issue with the cancellation fee of $10. They felt it would put them in a tight spot if they are not able to complete their payments. Walmart has addressed this by providing a grace period. If customers miss the deadline by a few days, they can call customer service for help.
Walmart’s Response
Walmart has done quite a number of things to the layaway program to make it more customer-friendly. Walmart has made the process much easier to use by streamlining it. It has also developed a good online platform whereby customers can manage their layaway accounts from home.
Walmart said, “We listened to our customers and brought back layaway to help them manage their holiday shopping. We understand that the holiday season is a stressful time. Layaway is one way we can make it easier for our customers.”
Conclusion
Walmart is bringing back layaway this year for the holiday season—a win for customers. Convenience and budgeting—the ability to shop now and pay over the course of more than three months—easily avoid the financial stress associated with holiday spending.
With layaway, Walmart will continue to please shoppers. This is the program for customers to plan their purchases and budget their expenses. This opportunity, as the holiday season approaches, many shoppers will take advantage of it, letting them spread out their expense while shopping with pleasure.
