Layaway is also appealing because it helps people target their savings. In economics textbooks, money is money, which makes it seem as if you could get the same results by making regular deposits into a savings account or even into a jar labelled “Christmas Money.” But in the real world most of us rely to some extent on what the economist Richard Thaler calls “mental accounting”—we split our money into different mental accounts, and treat it differently depending on what account it’s in. Money that’s in the bank is more likely to be spent on other things, while layaway insures that it’ll be spent on one thing. As Sendhil Mullainathan and Eldar Shafir show in a fascinating essay on the savings habits of low-income consumers, layaway is a popular way of making big purchases (like washing machines), because, if you don’t have a lot of money, the presence of a sizable sum in the house or even in the bank means that you’ll be constantly tempted to dip into it. The economists Barton Lipman and Wolfgang Pesendorfer argue convincingly that people have a profound distaste for temptation, and are willing to go to great lengths to avoid it. That’s precisely what layaway does.
It’s common to think of American consumers as reckless dupes, myopically focussed on the present and easily led astray by their desires, with the buying binge of the years leading up to the crash proffered as Exhibit A. But consumer choices don’t occur in a vacuum; they’re always shaped by social and economic norms. Americans have been big spenders for decades now, but as Sheldon Garon observes in his new history of consumption, “Beyond Our Means,” that’s in large part because our economic system is set up to encourage overspending. And what the revival of layaway makes clear is that, while many shoppers are prone to spend what they don’t have on what they shouldn’t buy, they can also be sophisticated about their weakness, and savvy about finding ways to control it. They know that sometimes you have to have your hands tied in order to grab what you want.
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