Ahead of the Prime Day sale, Jeff Bezos’s advice urges shoppers to keep some dry powder on hand amid economic uncertainties.
As excitement brews for Amazon’s highly anticipated Prime Big Deal Days, this piece of advice by the company’s founder and executive chairman, Jeff Bezos, is something every consumer should keep in mind amid economic uncertainties. A year back an interview with CNN, Bezos expressed concerns about the current economic landscape, stating, “Things are slowing down. You’re seeing layoffs in many sectors of the economy.” And the landscape hasnt changed much with US government staring at a shutdown.
Bezos advised shoppers, saying, “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.”
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With Prime Big Deal Days kicking off on October 10 at 3 a.m. ET and lasting until October 11, Amazon is gearing up to offer a plethora of enticing deals across various categories including electronics, toys, home essentials, fashion, beauty, and Amazon devices. The event, tailored for Prime members, promises new deals every five minutes, creating a shopping frenzy just in time for the upcoming holiday season.
Bezos’ advice resonates as shoppers gear up for substantial discounts. He emphasized prudence, especially for significant purchases like big-screen TVs or household appliances, suggesting, “If you’re an individual considering purchasing a big-screen TV, you might want to wait, hold onto your money, and see what transpires… Just remove some risk from the equation.”
In preparation for the Prime Day sale, here are some mindful shopping tips to help consumers make the most of the sales while staying within budget:
1. Research and Compare: Investigate product specifications and prices across various retailers. Amazon’s Prime Day offers might seem enticing, but ensuring you’re getting the best deal is key. Check out competitors like Walmart, Target, Ulta, and Sephora before making a decision.
2. Set a Budget: Determine how much you’re willing to spend and stick to it. Setting a budget beforehand prevents impulsive purchases and helps you maximize your savings effectively.
3. Prioritize Your Wishlist: Focus on items you genuinely need or have been eyeing. Prioritize essentials over luxury items, ensuring your purchases align with your requirements.
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4. Enable Deal Notifications: Stay informed about price drops by setting up deal notifications. Amazon allows Prime members to receive alerts on lightning deals, ensuring you never miss out on significant discounts.
5. Utilize the Right Credit Card: Some credit cards offer exclusive discounts and bonus rewards for online shopping. Use a card that maximizes your savings and provides additional benefits like extended warranties.
6. Choose Products with Return Options: Opt for products with hassle-free return policies. Amazon’s easy return process ensures you can exchange or return items if they don’t meet your expectations.