Strong buy consumer stocks are a resilient option in the current economy. For the first four months of 2024, core retail sales, excluding cars, gas and restaurants, rose 3.8%. The National Retail Federation expects retail sales to rise 2.5% to 3.5% this year.

In addition, Vanguard Consumer Staples ETF (NYSEARCA:VDC) is up about 7% this year, while the S&P 500 index is up over 15%, meaning the consumer sector has not yet caught up to the growth that the “Magnificent Seven,” led by Nvidia (NASDAQ:NVDA), are enjoying in 2024, leaving you plenty of upside to exploit.

However, McKinsey worries inflation is making consumers more cautious, forcing them to prioritize essential items over luxury ones. Over the past eight years, the cost of acquiring a new customer has also gone up 222%.

Inflation is still strong. The Consumer Price Index increased by 3.3% in the last year, with economists expecting it to stay at 3.4%. Even though it’s cooling after a high of 9.1% in 2022, it’s hot enough for the Federal Reserve to cancel its plans for three rate hikes. Instead, they have settled on one.

What this means is that even though consumer stocks are in a good position to grow, it’s probably best to keep investing in strong buy ones just to play it safe.

Amazon (AMZN)

Amazon (NASDAQ:AMZN) is the most highly rated of all strong buy consumer stocks, with 42 out of 42 analysts covering the stock recommending a “Buy.” AMZN’s price target of $221.48 reflects a potential upside of over 21%.

Amazon Web Services, which dominates the worldwide cloud infrastructure industry with a 31% market share, drives AMZN’s enthusiasm. Microsoft (NASDAQ:MSFT) Azure and Google Cloud are its closest rivals at 25% and 11%, respectively. AWS earned $22.1 billion in Q1 2024 and $90 billion in 2023.

To expand, the division will spend extensively on building new infrastructure in Saudi Arabia and Mexico. Plus, AWS’s $10 billion Mississippi data center construction will create at least 1,000 jobs.

AWS’s creative artificial intelligence (AI) service Amazon Bedrock, is also integrating new Anthropic Claude 3 models. Many companies utilize Bedrock to develop AI in science and healthcare.

Meanwhile, Amazon’s strategic partnership with Anthropic enhances its AI goals. As a result of the $4 billion deal, complex AI models are built and used utilizing AWS Tranium and Inferentia processors.

Finally, for five consecutive quarters, AMZN has reported better-than-expected profits and sales. Most recently in the first quarter of 2024, it amassed a $73.9 billion cash war chest. there is no shortage of resources for AMZN to power forward.

Visa (V)

Visa (NYSE:V) is another favorite among strong-buy consumer stocks, with 20 buy ratings and an average price target of around $316, indicating 15% upside potential.

Much of Visa’s appeal as a payments processor comes from constant innovation, especially with new fintech startups trying to chip away at its more than 60% market share.

Among product innovations, the introduction of Visa Flexible Credential stands out. It is a new card that lets users select between debit, credit, “pay-in-four” with Buy Now Pay Later and rewards points. It’s currently accessible in Asia and Affirm (NASDAQ:AFRM) will help release it in the U.S. this summer.

Visa is also introducing tap-to-pay functionality, so any device can be a cash register. Plus, it is automating and easing payments from one account to another. After being a hit in Europe, this service is now growing in the U.S. thanks to Visa’s purchase of Tink.

At the same time, Visa is investigating blockchain-based solutions to expand small- and medium-sized businesses’ global financial market access. Project partners include Agrotoken, Microsoft, and Sinqia.

Visa also runs the Universal Payment Channel, a blockchain center. This project links blockchain networks to move digital assets across wallets and protocols. The UPC simplifies stablecoin, central bank digital coins and other crypto transactions.

Applovin (APP)

Applovin (NASDAQ:APP) keeps growing its ecosystem, which is why it is fast becoming one of the best AI ad platforms. In Q1 2024, its income rose 91% year over year.

AppLovin’s first quarter of 2024 financial results were strong, with EPS of 67 cents and sales of $1.06 billion, both higher than analyst expectations. However, the real excitement is with its product enhancements.

The most recent updates add support for Apple’s (NASDAQ:AAPL) privacy files and new apps for game engines like Godot and Unreal, making it easier for developers to switch between engines. Applovin’s MAX Flutter driver also support native ads, making ad displays more consistent in apps built with it.

Custom product pages and store listings let users create app store pages that are more relevant to their users and encourage them to buy. The platform also has new tools and A/B testing features that provide more detailed information and better chances to improve things.

What’s more, APP keeps growing its partner ecosystem, which includes Adjust, SparkLabs and Wurl. Each of them adds to AppLovin’s full set of solutions for improving strategies for making money from apps and getting new users.

On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.