Thierry Henry says he doesn't understand Arsenal's conservatism in the transfer market.

Granit Xhaka -- the club's only major signing this summer -- came on as a 67th-minute substitute while 20-year-old Rob Holding, who arrived from Bolton Wanderers last month, started at center back.

Arsenal has been outspent by all of their expected Premier League rivals.

"The thing I don't understand is: we've been told that Arsenal are wealthy, that we have money, that we can compete against anyone in the market, but when the season starts, we can't compete in the market," Henry said in his role as a pundit for Sky Sports. "So which one is it? I just don't understand.

"Are Arsenal still the first choice in England? If a big player becomes available on the market, first of all, can you compete? Can you put the money on the table? Next, is the money stupid? We all know the money is stupid but you have to pay.

"And finally does the player want to come to Arsenal? That's something we all need to take into consideration. So are we still the first choice in England? I don't think so."