Do Not Buy TV, Fridge During Recession-Warns Jeff Bezos
- Posted on November 20, 2022
- By Akta Yadav
- 39 Views
Jeff Bezos, the founder of Amazon and a multimillionaire, something which is totally against his own business but for the benefit of the general public gave very stringent advice to people. He advised consumers and businesses to think about delaying big purchases during the holiday season because an economic recession might be on the horizon.
Given the likelihood that the economy will continue to deteriorate, Bezos advised American households against investing in expensive items like refrigerators or brand-new cars in an interview with CNN.
If you're an individual considering buying a big-screen TV, Bezos advised you to hold onto your money and wait and see what happens. The same is true for a new car, refrigerator, or whatever else. Simply take some risk off the table.
The former CEO of Amazon also advised small business owners to postpone purchases of new equipment and focus instead on developing their existing clientele.
The former CEO of Amazon also advised small business owners to put off purchasing new equipment in favor of increasing their cash reserves.
Hope for the best but be prepared for the worst
He advised, "Take as much risk off the table as you can." In a CNN interview that aired this week, Bezos said, "Hope for the best, but prepare for the worst."
He continued, "Things are slowing down, and you're seeing layoffs in many, many sectors of the economy. The economy does not look great right now." If we aren't currently experiencing a recession, odds indicate that we will soon.
A lot of people may be "feeling the pinch now," according to the fourth richest man in the world, as a result of the prolonged economic downturn, but he appeared confident that the trend would change in the near future, saying that as an optimist, he believes the American Dream "is and will be even more attainable in the future."
Bezos also declared that the majority of his $124 billion wealth will be donated during his lifetime. According to the e-commerce pioneer, he will use the majority of his wealth to fight climate change and support individuals who can bring people together in the face of severe social and political divisions.
Bezos is currently the executive chair of Amazon, having taken over the role last year when Andy Jassy took over as CEO.
Until 2023, according to Amazon CEO Andy Jassy, the company will continue to fire workers. The company announced earlier this week that they are laying off workers from the Devices and Books businesses, which marked the start of the layoff process. The ominous announcement comes shortly after news broke that the second-largest private employer in the United States would eliminate about 10,000 jobs.
Other tech companies, including Twitter, Meta, and Lyft, have begun layoffs in response to higher interest rates, sluggish consumer spending in the United States, and a strong dollar abroad.
A number of other prominent analysts and investors have also warned the American public about a coming recession. They have referred to the Federal Reserve's ongoing efforts to control inflation, which rose to a 40-year high of 9.1% in June and stayed at 7.7 percent until a month ago.