For an economy that was bouncing back after the pandemic lockdowns, 2021 saw a surge in what economists were calling "revenge shopping." Consumers emptying their wallets in a spasm of excess led many companies to have banner years.

This year is a bit different. Inflation running at rates not seen in 40 years, gasoline prices at levels never seen before, persistent supply-chain problems, rising interest rates, and a slowing housing market are all an onslaught of data points suggesting a recession is on its way.

That doesn't mean investors should run and hide -- quite the opposite, in fact, since stock valuations have been slashed in 2022. Amid market worries over consumers starting to pinch pennies, more than a few consumer-oriented businesses have been taken down a peg or two, which presents investors with opportunity.

They'll now have the chance to buy good companies at reasonable prices once more. And better still, if they focus on solid dividend payers, they'll be able to juice their returns at a difficult time while ensuring they enjoy steady income streams. These two stocks all had record years last year and are on a path to keep growing going forward.

1. Colgate-Palmolive

While preserving your capital in a market downturn is essential, don't think you need to abandon growth, too. Colgate-Palmolive (CL 0.48%) gives investors the best of both worlds as it's a steady grower that also pays a solid dividend, currently yielding 2.4% annually.

What's attractive about this consumer products staple is it makes name-brand goods that customers need to purchase regularly. They're basic essentials, not luxuries, and consumers understand the quality they're getting from the products, whether it's Colgate toothpaste, Ajax cleaning products, Irish Spring soap, or Speed Stick deodorant.

And it's not just in the U.S. In fact, Colgate generates 70% of its revenue internationally and owns some top-performing brands in virtually all the markets it services.

Net sales grew 4.5% last year to a record $17.4 billion, and though profits took a dip because of the macroeconomic forces at play globally, Colgate's dividend is not at risk. 

Colgate first paid a dividend in 1895, and it has increased the payout every single year since 1963, making the consumer products giant one of the rare Dividend Kings, or companies that have hiked their dividend for 50 years or more.

The stock is down nearly 9% in 2022 and trades at a reasonable 23 times next year's estimates, making Colgate-Palmolive a stock you can count on for years of growth and income.

2. Dick's Sporting Goods

Dick's Sporting Goods (DKS -1.13%) got a big boost from the pandemic because everyone suddenly wanted to be outside instead of locked in their homes. They've yet to go back inside. 

The sporting goods retailer reported $12.3 billion in net sales last year, a 28% increase over the prior year's record and 40% greater than its pre-pandemic sales. And though first-quarter sales were lower than last year's blowout numbers, they're also 41% above those in 2019. 

Telling analysts that "consumers have made lasting lifestyle changes," President and CEO Lauren Hobart said Dick's business is benefiting from the secular trend of consumers spending more time outdoors and playing more sports.

Dick's is the largest player in the space, and though it only started paying a dividend in 2011, it's never missed a payment despite temporarily suspending it during the first weeks of the COVID outbreak.

Shares of the sporting goods leader have been hit hard over inflation, down 30% year to date, but the company is cheap. The retail stock trades at just seven times trailing earnings and for just a fraction of its sales. And with its stock price at 15 times the free cash flow it produces, Dick's Sporting Goods is a stock investors can step up to the plate and swing at confidently.