The Australian Retailers’ Association – ARA – says lay-bys are back in style, as consumers become more careful with their money and savings rates soar. The association’s executive director, Russell Zimmerman, says the old-fashioned way of paying off a product before picking it up has had a resurgence. Zimmerman says many retailers, both “bricks-and mortar” and online, are again offering lay-bys for credit-wary consumers amid ongoing economic uncertainty.
“I think people have got much higher utility bills, they’re trying to save more money – we’re at a 24-year record high for savings,” Zimmerman said. “It’s just people feeling that they’ve got to tighten their belt a little bit.”
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