Hire purchase on consumer electronics are becoming popular in the country. There is an increase in the number of consumers opting for hire purchase terms to acquire a variety of household electronics. In this post, we will examine hire purchase impact on consumer electronics sales.
What is an Electronics Hire Purchase?
Hire purchase is a payment plan that allows buyers to distribute the cost of items over a given duration. This payment method is ideal when one doesn’t have the money to buy items outright. If you are looking to add an Android TV, a home theater, or any other electronics, it might be impossible to buy in a cash purchase. A good Android TV will cost at least 30,000 when purchasing in cash. This might take you several months to save. However, if you choose to purchase, you do not need to have all the money. You can pay as little as 10% of the cost and take home the electronics you need. The balance is then split into affordable installments.
Hire Purchase Impact on Consumer Electronic Sales
In the past, hire purchase terms were only available for high-value assets such as a home or a car. However, consumer items are nowadays available on hire purchase terms. Leading hire purchase dealers such as Kenya Credit Traders have a wide variety of items you can acquire for your home on hire purchase terms. Smart TVs, Home theaters, Sub woofers, refrigerators, blenders, and other household items are available at their shops on hire purchase.
One of the impacts of hire purchase on consumer electronics is that it has made the items accessible. As a consumer, you no longer need to wait until you save all the money to visit a shop and get your dream electronics. You can take as little as 15% of the cost to the hire purchase dealer and take home the electronics you require.
Apart from making electronics accessible, hire purchase also makes them affordable. Splitting the cost into smaller affordable amounts has led to an increased demand for household goods. The consumer needs to pay a small fraction of the cost every month to pay the total cost of the item. At the end of the hire purchase agreement, the hirer becomes the owner of the assets.
Learn more about hire purchase agreements and how they work on this blog page.
