Industry Report

In 1Q26, a modest recovery in consumer demand is expected to support growth across both essential and non-essential retail segments. Notably, the luxury segment, particularly jewelry retail, is likely to deliver strong growth, supported by rising demand for investment gold products.

Many consumer and retail stocks have corrected to attractive valuation levels, with P/E multiples now below their five-year avg, while NP growth in 2026 is still expected to remain above 20%. Against this backdrop of more compelling valuations, our top picks are MSN and MWG.