Amazon’s Black Friday sale is currently live, and the e-commerce site is providing fresh discounts and bargains on a range of goods, including smartphones and household appliances. Even Indian customers can find some offers on the India website. Jeff Bezos, the founder of Amazon, is pleading with consumers to forgo purchasing expensive goods like a refrigerator or television. Bezos has cautioned consumers about the impending recession while urging them to hang onto their pricey products.
He gave citizens and small business owners advice on how to lessen their chances of suffering during a recession.
But stopping purchases might also have an effect on Bezos’ Amazon. Due to rising pricing and shifting consumer behaviour, the company is already seeing a reduction in revenue, and its stock price has dropped by more than 40%. But Bezos continues to take chances and put money away in case things go wrong. He commanded, “Take some risk off the table.” “A little risk mitigation could make a big impact.”
Elon Musk had earlier warned of an impending recession and the state of the economy. “There will definitely be a significant recession for a year or two,” he said. Since our business is so dependent on advertising in this difficult economic climate, the future of the economy is bleak, said Musk.
Given the state of the economy right now, a recession seems to be imminent. Large tech companies including Amazon, Twitter, Meta, Microsoft, and Apple have all recently carried out massive layoffs. While Mark Zuckerberg revealed intentions to lay off roughly 13,000 workers from Meta platforms including Facebook, Instagram, and WhatsApp, Twitter reduced approximately 50% of its global workforce. Additionally, in a public article, Amazon CEO Andy Jassy indicated that the internet company will be laying off more workers in the upcoming months.
