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)
Key Themes Behind This Trend
- Layaway Concert Tickets
- Layaway payment options for event tickets enable greater accessibility and affordability for audiences.
- Installment Plans for Festivals
- Increased festival ticket accessibility and sales with payment plans.
- 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.
Where This Applies
- Event Ticketing
- Layaway payment options disrupt the traditional payment methods for event ticketing, providing consumers with greater affordability to attend more events.
- Live Entertainment
- The implementation of payment plans and other innovative payment structures creates opportunities to boost revenue in the live entertainment industry.
- Retail
- The concept of layaway can be applied to retail experiences, affording purchasing power to more customers and driving sales.
