Storch Advisors CEO Gerald Storch told FOX Business he has low expectations for this year's holiday shopping season, telling Maria Bartiromo shoppers are 'running out of money.'
Former Target Vice Chairman Gerald Storch painted a sobering picture of consumer sentiment while speaking to FOX Business on Thursday, anticipating a subdued holiday shopping season weighed down by economic and political uncertainties. "It's very clear that consumers are running out of money. They're increasingly stressed by inflation and the exhaustion of their pandemic-era savings.
That big bet on physical locations just as the consumer was slowing down, and, of course, the Internet's been growing," he added. On a broader economic scale, numbers from the Commerce Department released Thursday indicate retail sales rose 0.4% in September, better than the 0.3% Dow Jones forecast. September retail sales year-over-year have increased 1.7%. Jobless claims also came in at 241,000 versus the estimated 260,000.
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