Jeff Bezos, the founder of Amazon, has advised people to postpone large purchases during the holiday season to avoid a recession.
In an interview with CNN, he recommended that consumers keep the cash they have in their wallets safe and avoid unnecessary expenditures.
His advice to people was to avoid high-ticket items such as expensive cars and televisions amid recession concerns.
“Take some risk off the table, 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,” Jeff Bezos 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,” he concluded.
During the same interview, Bezos also pledged to contribute the majority of his $124 billion net worth to charities that fight climate change and help bring humanity together.