My guess is he's trying to say that because consumer spending may be down that less stock turnover will be required, therefore less stock being liquidated.
Interesting view, however major department chains that provide most liquidated stock loads sell by the season, their sales won't increase with out of season stock on their shelves, and if consumer spending is down, then it could have the effect of even more stock having to be liquidated.
Of course they will be able to recalibrate their spending to adjust to consumer demand, but they sell to an annual cycle, no matter what their turnover is.
Of course it all feeds back down the chain to the actual manufacturer or distributor, if the stores cut back excess stock will still be liquidated, it will just take effect down the chain a little.
I know of a company in New York that manufacturers a range of brand name cosmetics under licence, and they are getting ready to unload a lot of stock onto the market, never even got out of the factory....lol