During the current quarter, consumer confidence has dropped to levels not seen since the fourth quarter of 2023. Among the factors making consumers more pessimistic were inflation, their reduced savings and perceived weakness in the labor market. Nonetheless, many Americans plan to spend more money on food going forward.
Meanwhile, Gen Z members intend to shell out more for apparel, and beauty products. On the other hand, 27% of high-income members of Gen Z reported that they were looking to buy more expensive items, up from 23% three months earlier. Meanwhile, 17% of respondents stated that they intended to spend more on pet food and supplies, versus just 9% who were looking to shell out less for those products.
With all that in mind, let’s take a look at three of the best consumer stocks to buy now. Walmart (WMT) As I noted in the introduction, many American consumers intend to spend more on beauty products and apparel, while consumers have generally become less confident in the economy. Walmart (NYSE: WMT ) sells a great deal of apparel and a significant amount of beauty products.
Additionally, it is well-known for selling low-cost products. As a result, WMT stock should get a boost from both trends. Walmart is likely already benefiting from these factors as the firm delivered excellent Q1 financial results.
Specifically, its operating income jumped 9.6% YOY to $6.84 billion while its top line increased 6% YOY to $161.
5 billion. On June 10, JPMorgan upgraded WMT stock to.
