Jeff Bezos warns of recession, advises people not to buy TVs, refrigerators this holiday season

“Economy doesn’t look good right now,” Jeff Bezos stated. (File)

Amazon founder and billionaire Jeff Bezos recently warned consumers and businesses that they should consider delaying big purchases during the holiday season, as an economic recession could be on the way.

Talking to CNN, the business magnate advised consumers to keep their cash safe and avoid unnecessary spending in the coming months. He advised American families to avoid big-ticket purchases such as new cars and televisions as the United States stares at a recession.

“Take some risk off the table,”[ads1]; Bezos advised people, adding, “Keep some dry powder on hand … Just a little risk reduction can make the difference for the small business if we get into even more serious financial problems. You have to play a bit on the probabilities.”

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He went on to say, “If you’re a person who’s considering buying a big screen TV, you might want to wait, hold on to your money and see what happens. The same is true with a new car, refrigerator or whatever. Just remove a little risk out of the equation.”

Bezos also went on to state that “the economy is not looking good right now”. “Things are slowing down. You’re seeing layoffs in many many sectors of the economy,” he told the outlet.

Separately, in the same interview, the Amazon founder said he will donate the majority of his $124 billion net worth to charities to fight climate change and to support people who can unite humanity amid growing social and political divisions. Mr. Bezos did not specify how much of the fortune he plans to give away. But when asked if he would donate a large portion of his fortune to charity during his lifetime, he replied: “Yes, I do”.

Jeff Bezos is currently the CEO of Amazon, having stepped down from his previous role as Chief Executive Officer last year.