Can't really say. Makes no sense for Kroenke to pressure him into spending money (doesn't do that for his other teams either by all accounts) and at the same time I'd guess Wenger for all his faults still loves to work with world class players.
I reckon it's more a case of Wenger treating the club's funds like his own, spending only when he feels he's getting class players for a reasonable fee. Would make sense looking at how the guys he wanted to get and those he actually landed aren't even in the same position (Higuain, Suárez, Özil)