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Layaway
01
a purchasing contract by which a retailer agrees to hold merchandise secured by a deposit until the price is paid in full by the customer
lay
away
layaway
n
Example
Many consumers prefer layaway for big-ticket items like appliances or electronics, as it allows them to avoid high-interest credit card debt and manage their finances responsibly.
The furniture store offers a layaway plan, allowing customers to reserve a sofa or bed and pay for it gradually over several months.
The jewelry store offers layaway for engagement rings, helping couples finance the purchase of a ring without having to pay for it all upfront.
With the holiday season approaching, the toy store promotes its layaway program, enabling customers to spread out the cost of expensive gifts for their children.
The electronics retailer allows customers to put a new smartphone on layaway, making it more affordable for those on a tight budget.
