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Jeff Bezos Warns Of Huge Recession, Advises People Not To Buy Electronic Devices This Holiday Season

Jeff Bezos mentioned in the interview that he will donate the majority of his USD 124 billion net worth to charities in view to curb climate change and to help people who are working for humanitarian issues amid growing social and political divisions.

Jeff Bezos Warns Of Huge Recession, Advises People Not To Buy Electronic Devices This Holiday Season
(Image Credit: Reuters)

Amazon chief and billionarie Jeff Bezos warned consumers and businesses of coming economic recession and advised them not to buy large items especially TV, fridge and to avoid other huge purchases during the holiday season.

Jeff Bezos said, “Economy does not look good right now.” The billionarie advised consumers to keep their earnings safe and avoid unnecessary spending in the coming months, as quoted by CNN. He further recommended American families to avoid the purchase of big-ticket items such as new cars and TVs as the country may face huge recession.

Take Some Risk Off The Table:

Jeff Bezos also advised people, “Take some risk off the table." He further urged people, "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." 

Amazon chief asked people to hold onto money and said, "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." 

Bezos urged people not to spend much as things are slowing down and companies are witnessing massive layoffs. He also mentioned in the interview that he will donate the majority of his USD 124 billion net worth to charities in view to curb climate change and to help people who are working for humanitarian issues amid growing social and political divisions.

Jeff Bezos is an American Entrepreneur and executive president of Tech Giant Amazon. Last year, he stepped down from his previous role of Chief executive officer (CEO).

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