We're heading into a new year, and the starting line is kind for many of the market's promising growth stocks after a challenging 2022. Not every investment will bounce back, but some potential buys are attractively priced at the moment. Choose wisely and your stocks could more than triple in the next 10 years. 

I feel that Lovesac (LOVE -1.84%) and Camping World (CWH -2.51%) have the combination of compelling current price tags and promising long-term growth prospects to move sharply higher in the coming years. Let's see why I think these are two stocks that can pop at least threefold over the next decade. 

Someone pointing at a green stock chart line moving higher.

Image source: Getty Images.

1. Lovesac

The furniture market has cooled off in recent quarters. We're no longer spending as much time in our homes as we did during lockdown. Rising mortgage rates have also cooled the housing sector, meaning fewer new digs to outfit with fresh furnishings. The leading online furniture retailer has posted six consecutive quarters of negative revenue growth. Losses are mounting, as it's burned through $1 billion over the past year alone. 

You wouldn't expect any furniture or home furnishings specialist to still be growing its top line in this environment, but Lovesac still managed to deliver 16% year-over-year growth for its latest quarter. It's a far cry from the 17 straight quarters of better-than-25% gains in net sales before that, but it's still a double-digit increase at a time when others are going the wrong way. Gaining market share -- even when it's a matter of a thickening slice of a shrinking pie -- is always commendable. 

Lovesac has two flagship products. It's a major player in the premium beanbag chair market. Its beanbags come with plush washable covers and are available in a wide range of sizes, from the conventional beanbags for one to some large enough to fit couples or an entire young family. Lovesac also has a bigger-ticket line of sectionals that it calls "sactionals." The modular pieces can be arranged in a wide range of configurations, and audiophiles can even have speakers inserted to create the ultimate home theater or stereo experience. 

An important point here is that Lovesac is highly profitable. It's also cheap, trading for 10 times trailing earnings and 8 times next year's analyst target. Lovesac is going through some near-term challenges. Net sales growth will continue to decelerate, and Wall Street has lowered its near-term expectations for both ends of the income statement. Margins are getting squeezed as rising inflationary pressures are colliding with a need for promotional activity to clear out inventory. It's not perfect, but you can't spell Lovesac without love, and right now it's hard not to love the attractive valuation for a stock that has history of growing a lot faster than its current earnings multiple.

2. Camping World   

Another stock that could have wheels in the coming years is Camping World. It's the country's leading retailer of recreational vehicles (RVs), related accessories, and services. Camping World thrived through the first few quarters of the COVID-19 crisis as folks turned to RVs to travel safely and take advantage of the work-from-home trend. If you don't have to go to the office, why not have one on wheels or as a towable so you can explore instead of staying in the same place all the time?

Growth has seemingly slammed on the brakes. Revenue declined 3% in its latest quarter, or was essentially flat if you discount discontinued outdoor product categories. However, the results were still 34% better than for the same period three years earlier if you draw the starting line back in pre-pandemic times.

As with Lovesac, we're seeing some near-term margin challenges. Adjusted earnings declined sharply in last month's third-quarter report. Weakness could continue, but -- also as with Lovesac -- the company remains very profitable with an attractive earnings-based valuation. Camping World is trading for just 5 times trailing earnings and 6 times forward estimates. 

It's easy to be patient with Camping World. It shares the wealth with its shareholders through quarter dividends, currently yielding north of 11%. The payouts may not be sustainable if demand for new and used RVs starts to diminish here, but the long-term prospects are strong for RV stocks. A lot of people have chosen to retire early because of the COVID-19 calamity, and with senior citizens living longer, this is a smart play on the graying of America.