The American consumer is the heartbeat of the U.S. economy. Consumer spending contributes about two-thirds of the country's gross domestic product (GDP). So it's a great idea to look at consumers and the brands they transact with regularly for potential investment ideas.

There are a ton of stocks to choose from, but I'm here to help you speed your search up by narrowing the list down to five favorites I like right now. While this list won't replace your own homework on each stock, investors should take a close look at each.

Let's dive in.

1. Amazon

E-commerce has become a way of life in America, and Amazon (AMZN 1.20%) is the runaway leader in that department. The company owns roughly 38% of the e-commerce market, about six times that of Walmart, the runner-up. Additionally, Amazon boasts a leading cloud platform and growing streaming and advertising segments. Amazon has become a foundational company for many modern consumer luxuries like online shopping, the internet, and entertainment.

AMZN EPS LT Growth Estimates Chart

AMZN EPS LT Growth Estimates data by YCharts

The stock is also attractively priced right now. It trades at 52 times Amazon's estimated 2023 earnings, and analysts believe earnings can grow by 27% annually. The PEG ratio of just under two makes Amazon a potential target for long-term investors. Few companies invest in growth and try new things at Amazon's size, so this is a blue-chip stock you can include in almost any portfolio.

2. Nike

Sporting apparel giant Nike (NKE -0.56%) has been a staple of sports culture since the early 1980s after linking up with basketball great Michael Jordan. Today the company remains a force in the global sporting world. According to Statista, Nike remains among the top three brands favored by U.S. millennial consumers. That shouldn't be a surprise given the cultural significance sports have.

NKE EPS LT Growth Estimates Chart

NKE EPS LT Growth Estimates data by YCharts

The stock traded at a forward P/E of 40 earlier this year, but that valuation has become more appealing in recent months. At the same time, long-term growth estimates have picked up from where they were. The combination creates a PEG ratio of roughly two, which, again, doesn't signal a bargain, but is a palatable price tag for long-term investors.

3. Chipotle

Restaurant chain Chipotle Mexican Grill (CMG 1.05%) has become one of America's hottest food chains. Fresh ingredients at reasonable prices have created a famous brand and helped the company expand to over 3,300 stores. Other quick-service restaurant chains have far more locations, like Wendy's (6,000) and Taco Bell (7,800), so Chipotle has room to continue opening stores as long as consumers still love the brand.

CMG EPS LT Growth Estimates Chart

CMG EPS LT Growth Estimates data by YCharts

Chipotle could grow earnings by 23% annually over the long term, which could justify the stock's current valuation of 46 times forward earnings. Long-term investors can hold shares for years, letting Chipotle repeat its winning recipe of steady growth via store expansion.

4. Lowe's Companies

Housing remains a core part of the economy; it's the largest purchase most consumers make in their lives. Lowe's Companies (LOW 1.23%) is poised to benefit from the constant maintenance, repairs, and upgrades homeowners spend on. The company is the second-largest home improvement retailer, lagging behind only Home Depot.

LOW EPS LT Growth Estimates Chart

LOW EPS LT Growth Estimates data by YCharts

The housing market has become very expensive. Consumers might tighten spending, dampening analysts' estimates for Lowe's earnings growth. But even growing earnings by 9% on average could be enough for solid investment returns, considering the stock trades at a forward P/E of just over 14. That's a reasonable 1.6 PEG ratio.

5. Disney

Entertainment powerhouse Walt Disney Company (DIS 1.43%) is another company that may have found its way onto the bargain rack. The company has lost money while growing its streaming business, but has begun hiking its prices now that its user base has grown to more than 150 million paid memberships across Disney+, ESPN+, and Hulu.

DIS EPS LT Growth Estimates Chart

DIS EPS LT Growth Estimates data by YCharts

With streaming potentially ramping up profits, analysts have raised their earnings growth estimates for the long term to more than 21%. That makes the stock a bargain when it trades at a forward P/E of just over 17, a PEG ratio under one. Investors may have to wait a little while for the market to turn more positive on Disney stock, but the stock should reward patient investors if the business can perform to analyst expectations.