Chinese Millennials are taking layaway to the next level, buying everything from hamburgers to lipstick in installments.

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)