Consumer-staple stocks are supposed to be steady, if not exciting, performers, but they’ve been in free fall in 2023. Yet even that hasn’t made many of them cheap enough for bargain shoppers.
The upshot is that while the S&P 500 has rallied some 13% year to date, the Consumer Staples Select Sector SPDR exchange-traded fund has fallen roughly 9%. Yet even with this decline, the stocks’ valuations don’t look particularly tempting, making it difficult to jump into the sector aside from some select names.
He notes that exchange rates remain a problem for multinational players, while higher prices appear to still be weighing on volumes, as inflation-weary consumers naturally have pulled back. Newsletter Sign-up He’s not alone in that assessment. “In the U.S., we see mounting pressures on consumers from persistent inflation, rising interest rates, and the resumption of student-loan repayments,” wrote Citi Research’s Filippo Falorni in a recent review of the sector. “For Consumer Staples companies , headwinds on consumers are being further compounded by pressure from a strengthening U.S. dollar, rising oil prices, and higher borrowing costs.
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