Trump impeachment talks won't stop holiday retail frenzy: Former Toys R Us CEO
Democrats launched a formal impeachment inquiry against President Trump, but it’s not going to stop consumers from shopping this holiday season, said former Toys R Us CEO, Gerald Storch.
“I don't think [it will] have any effect whatsoever,” he told FOX Business’ Stuart Varney adding that “sales have been earning up 4 percent or so year over year for a very long time.”
Holiday retail sales are expected to rise between 4.5 percent and 5 percent in 2019, surpassing $1.1 trillion, according to Deloitte’s annual holiday retail forecast, partially because of a healthy labor market.
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Yet Storch said the best way to predict what’s going to happen in the future is to look at what happened last month.
Consumer confidence dropped by the most in nine months in September over trade uncertainty between the U.S. and China.
Despite the soft numbers, Storch said consumers aren’t worried about business conditions.
“If consumers have money and jobs, which they do, and which all signs show they will, they're going to spend it, and it can be a fantastic shopping season,” he said.