Strange and weird – Amazon boss asks consumers to cut down on expensesFor months it was being predicted that a recession is to strike the United States and finally it has struck it seems. The tech sector has been impacted heavily. During Covid times, companies that dealt in online business made hay while the Sun shined. But no more. Consumers have had enough of online purchases, movies, entertainment and education. There has been a shift back to the old offline structure. People are heading back to departmental stores, shopping malls, theatres and real schools & colleges. As a result, incomes of most of these companies have taken a massive hit. There have been massive layoff and freeze on new recruitments across big corporations such as Twitter, Meta, Amazon and a lot more. Add to it, the inflation, especially in the West, has broken the backs of most consumers. Spendings are less anyway. No likelihood of things improving any time soon. On this background Amazon boss Jeff Bezos has sounded an alarm to all consumers, including, his own to hold onto their money. He is saying it is not the right time to buy a new car, refrigerator or a big-screen TV; instead, time to tighten up our purses.
The sermons are all good. We perfectly understand it is time to cut down on our expenses. However, it coming from someone whose bread and butter depends upon the purchases we do from his online portal, sounds kind of strange and weird. Would not such statements affect his own business further? Is he digging his own grave?