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Jeff Bezos warns against big purchases, asks people not to buy TV, fridge due to recession

Jeff Bezos recommended customers to save their funds and refrain from irrational buying during the holiday season.

DNA Web Team

Updated : Nov 20, 2022, 01:29 PM IST | Edited by : Maitry Kothari

Jeff Bezos, the creator of Amazon and a billionaire, recently warned consumers and businesses to think about delaying big purchases during the holiday season because an economic recession might be on the horizon.

In an interview with CNN, the business tycoon gave advice to consumers to keep their money secure and refrain from pointless purchases in the upcoming months. He advised American households to forgo major purchases like brand-new automobiles and televisions because the country is currently experiencing a recession.

"Take some risk off the table," Mr Bezos advised people, adding, "Keep some dry powder on hand.... Just a little bit of risk reduction could make the difference for that small business if we do get into even more serious economic problems. You've got to play the probabilities a little bit." (Also Read: PM Kisan Samman Nidhi: 11th instalment of funding has fallen by 67%, says reports)

Bezos further added that "If you're an individual considering to purchase a big-screen TV, you might want to wait, hold onto your money, and see what transpires. The same is true with a new automobile, refrigerator, or whatever else. Just remove some risk from the equation."

Mr Bezos also went on to state that the "economy does not look good right now". "Things are slowing down. You're seeing layoffs in many many sectors of the economy," he told the outlet.

Separately, the founder of Amazon stated in the same interview that Bezos will contribute the majority of his $124 billion fortune to charitable organisations in order to fight climate change and to aid those who can bring mankind together in the face of escalating social and political conflicts. Mr Bezos omitted to say how much of his money he intends to donate. However, he said "Yeah, I do" when asked if he would be giving the majority of his wealth to charity during his lifetime.

After giving up his position as CEO (Chief Executive Officer) last year, Jeff Bezos is now the executive president of Amazon.

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