Chinese Millennials are taking layaway to the next level, buying everything from hamburgers to lipstick in installments. Young consumers can pay for a tube of lipstick over the course of two years with 1.93 yuan (3 U.S. cents) monthly installments on Lexin-operated Fenqile. The popular ecommerce site that lets users shop by taking out micro-loans has over 29.2 million users, 95% of whom are under 30-years-old. Lexin’s CEO thinks thinks micro-loans could deter would-be buyers from abandoning their carts. (SCMP)
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