Amazon Founder Jeff Bezos has drawn criticism over his advice to Americans struggling with inflation to not consider making large purchases, like homes and cars amid warning of a looming recession. In an interview with CNN Business, Bezos asked Americans to save money in order to avoid potential pain heading into 2023 if economic conditions worsen. The billionaire entrepreneur advised people to take some risk off the table adding ‘just a little bit of risk reduction could make the difference’.
It seems that the advice to Americans for preparing “batten down the hatches” ahead of the possible downturn did not go down well with the public.
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“If you’re thinking about buying a large screen TV, maybe slow that down, keep that cash, see what happens,” he said according to the interview. The billionaire entrepreneur also advised against buying new cars, appliances, and homes.
Hitting out on the advice against buying cars, Phoebe Wall Howard of The Detroit Free Press said the “auto industry, one of our nation’s key economic drivers, has struggled with supply chain hell for three years.’
“Jeff Bezos told CNN 11/15 people should hold off buying cars. Note: Amazon specialises in auto campaigns, which have included Ford, Toyota, VW, Nissan,” she wrote.
The auto industry, one of our nation’s key economic drivers, has struggled with supply chain hell for 3 years.
Jeff Bezos told CNN 11/15 people should hold off buying cars. Note: Amazon specializes in auto campaigns, which have included @Ford @Toyota @VW @Nissan @freep
— Phoebe Wall Howard (@phoebesaid) November 16, 2022
Another tech journalist Mike Elgan said the items Bezos suggested to hold off, especially cars and homes are some of the few products you can’t purchase on Amazon.
“Bezos urged people to put off expenditures for big-ticket items such as new cars, televisions, and appliances,” he wrote. “TRANSLATION: ‘Bezos urged people to put off expenditures for items people don’t buy on Amazon to save money for Amazon purchases.’”
“Bezos urged people to put off expenditures for big-ticket items such as new cars, televisions and appliances.”
TRANSLATION: “Bezos urged people to put off expenditures for items people don’t buy on Amazon to save money for Amazon purchases.”https://t.co/kmOnpMcvxh
— Mike Elgan (@MikeElgan) November 15, 2022
The advice comes amid the New York Times report on Amazon planning to sack around 10,000 employees. This would target Alexa, retail and human resources divisions making it one of the largest mass terminations in the company’s history.
Bezos remains executive chair at Amazon switching from the role last year as Andy Jassy took up the CEO reins.
One of the users also took a dig at the billionaire saying people should cancel Amazon prime subscription.
Maybe we should all cancel Amazon Prime.
— Jeffrey Wallach (@jwall111571) November 17, 2022