A thousand dollars is a relatively modest sum of money. However, even this amount can grow enormously thanks to the power of the stock market. Consider this: A $1,000 investment in Nike 30 years ago would have grown to $54,450 today.

With that in mind, let's take a closer look at three consumer stocks worth owning today and for years to come: Shopify (SHOP 0.65%)E.L.F. Beauty (ELF 5.46%), and Amazon (AMZN -0.34%).

$100 bills next to a smartphone with a stock chart.

Image source: Getty Images.

Shopify

Owning shares in e-commerce company Shopify isn't for everyone. After crashing more than 84% from its all-time high, Shopify shares are off to a remarkable start in 2023, gaining more than 85% year to date.

Yet, it's not too late for investors willing to stomach the volatility that comes with owning shares in Shopify. The company's recent earnings report showed that management is making some of the tough decisions necessary to stabilize its business, including slashing its workforce (again) and selling off its logistics unit.

As result, Shopify reported a modest profit that surprised Wall Street and sent the stock higher.

Shopify is poised to leverage artificial intelligence (AI) to help its customers grow their online businesses -- and, in turn, grow its own revenue. Wall Street expects Shopify's sales to jump 20% this year and a further 19% next year. Earnings, too, are projected to rise. Analysts predict $0.25 per share in 2023, up from $0.04 per share last year.

In summary, the dark clouds that have hung over Shopify for the last 18 months appear to be clearing up, giving long-term investors a great buying opportunity.

E.L.F. Beauty

E.L.F. Beauty makes inexpensive, cruelty-free cosmetics. That might not sound like a killer business, but E.L.F.'s metrics say otherwise.

With its quarterly revenue growth at over 49%, you'd be hard-pressed to find a retailer this solid -- particularly in this economy. The company has built its reputation on quality, affordability, and savvy use of social media. And with over 700,000 followers, ELF's Twitter account is already larger than legacy competitors like Revlon (450,000) and Covergirl (620,000).

All that said, owning shares of E.L.F. isn't for everyone. That's because investors do pay up for E.L.F.'s stunning growth. Its shares trade at a price-to-earnings (P/E) multiple of 99 -- making ELF a costly stock to own.

Nevertheless, for investors looking to spice up their portfolio with a growth stock superstar, ELF is a name to remember.

Amazon

In some years, $1,000 wouldn't be enough for even one share of Amazon stock. However, after last year's stock split, investors with $1,000 can get a few shares of the e-commerce giant with some money left over. 

What's more, right now seems like the right time to scoop up stock in the company. Indeed, Amazon continues to pile up wins, with its stock up 30% year to date following a solid first-quarter earnings report.

The company beat expectations for total revenue and earnings. Moreover, Amazon's ad unit posted $9.5 billion in revenue, which was well ahead of estimates.  

Adding to the good feeling, Wall Street is getting more bullish about Amazon. In fact, 33 analysts have raised their earnings-per-share guidance in just the last 30 days, and 43 of the 47 analysts covering the stock rate it as a buy or strong buy.

At any rate, Amazon's diversified revenue streams and massive infrastructure network make it a stock worth considering for long-term investors.