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NEW YORK (TheStreet) --Earnings season continues this week with a number of consumer discretionary companies reporting results. S&P Global Market Intelligence managing director Michael Thompson explained why he is concerned about the overall consumer discretionary space during Monday's "Power Lunch" on CNBC.

"It's single-digit growth, but this is a sector that has outperformed the last 28 quarters of the S&P by and large. Because 70% of the economy is driven by the consumer you get a little bit concerned when you see such a nominal input for the quarter," he explained.

Additionally, the next couple of quarters appears to be relatively the same. "You really don't see double-digit earnings growth for the consumer discretionary until the fourth quarter of 2017," Thompson noted.

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He pointed to the transition larger companies are making to online from bricks and mortars as the reasons for the stagnate growth.

"This is going to impact big companies over the next couple quarters. I think the other thing is that you have to watch for the global sustainability of the luxury brands," Thompson said.