Keep cash on hand and don’t buy TV, fridge this holiday season: Jeff Bezos

Amazon founder and billionaire entrepreneur Jeff Bezos has advised Americans to avoid large purchases such as new TVs, refrigerators, or cars and to “keep some dry powder on hand” during the upcoming holiday season because the US economy is likely to enter a recession soon, according to CNN.

Last month, the tycoon advised his followers to “batter down the hatches.” When asked about the tweet, he told an American network that the advice was intended for both business owners and consumers. He advised consumers to postpone purchasing large basket items they have been eyeing for some time, and large businesses to slow acquisitions and capital expenditures because the US economy is likely to enter a recession “very soon.”