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New York, NY—Layaway is something most people associate with Kmart, not luxury retail. But it might be the next big thing to happen to the luxury market, says a report from JWT Intelligence.

Luxury retailers will always remember the fire sales of fall 2008 with a shudder, but since then, prices have soared from merely high to stratospheric in many luxury categories. For example, Sex and the City made a household name of Manolo Blahnik’s luxury footwear in the early aughties—especially as the lead character Carrie Bradshaw had the downpayment for a house invested in them—but now his $600 price tags are practically quaint among their four-digit cousins. Designer handbags are even costlier, with $2,000+ price tags now the norm among many brands.

What happens when the cash-strapped Millennial consumer meets the high luxury market? As with everything, the market abhors a vacuum, so it’s no surprise that the Millennials would be the generation to bring layaway to luxury. After all, they’re the ones that practically invented the sharing economy, and, to their credit, they’re not living on credit to buy pretty things.

Still, it doesn’t mean this group is willing to forego the niceties of life. They grew up with brands and they like designer goods as much as the next person. But with their budget more attuned to Marshalls than McQueen, they’re turning to places like The Outnet, flash sales, and sharing sites like Bag, Borrow, or Steal and Rent the Runway to get their designer fix.  

Now a new website called Very Exclusive in the U.K. is bringing old-fashioned layaway to a new luxury customer: viewers can pay for their purchases in three installments first, rather than run up a credit card bill. Of course, the site also provides the option for instant gratification on credit, but it will be interesting to see how the layaway option takes off.

The site offers designer apparel, shoes, bags, accessories, and beauty. Jewelry offerings are in the bridge price range: Links of London, Eddie Borgo, and Elizabeth and James are some familiar brands. For this cat ears ring by Aamaya By Priyanka, the site lists “yellow gold” as the material (9k can be called gold in the UK). The product description is “gold with jewelled cat ears” and priced at £220 ($340).

It’s not necessarily a high-end jeweler’s idea of luxury, but Aamaya by Priyanka's cat ears ring is cute, distinctive, priced for a Millennial, and presented in a luxury environment—with a three-installment payment plan.

Top image: Elementsport.ca