Investors may feel uncertain about the economy, but that has not stopped consumer spending from growing. According to the Bureau of Economic Analysis, consumer spending continues to trend higher, rising 0.2% in October.

While that growth is positive, it is slower than the 0.7% and 0.4% rates reported in September and August, respectively. Such data may inspire investors to seek companies that can draw customers in nearly any economy, a level of uncertainty that could bode well for Amazon (AMZN 3.43%), Tractor Supply (TSCO 3.26%), and Chipotle Mexican Grill (CMG 2.41%).

Amazon

Neither of Amazon's main businesses escaped the 2022 bear market. As consumers returned to offline shopping options, its two e-commerce divisions began reporting operating losses. Then, a slowdown in cloud growth took the growth rate of Amazon Web Services (AWS) from nearly 30% to around 12%.

Nonetheless, Amazon stock began to recover amid growing interest in generative artificial intelligence (AI). Its stock is up by around 75% this year, and the move higher may just be beginning.

After several quarters of operating losses, the North America and international segments reported a combined operating income in the black. Also, AWS' operating income has begun to grow again on a quarterly basis.

Consequently, net income was almost $20 billion in the first nine months of 2023. In comparison, Amazon lost $3 billion in the same period last year. And while its P/E ratio of 75 may sound elevated, it is below historical averages. As sales growth resumes and customers resume interest in cloud expansion, Amazon stock should continue to rise.

Tractor Supply

Rural lifestyle retailers seem to continue to struggle to gain respect. Despite the near 52,000% gain since its 1994 initial public offering (IPO), the stock has fallen this year.

Admittedly, the company may face some uncertainty. Its over 2,200 stores in 49 states seem to cover most of the rural and suburban markets it can target. Also, much of the rising interest in the rural lifestyle during the pandemic has waned, meaning slower sales in the near term.

Nonetheless, with the rise in remote workers, some of the increase in rural populations became permanent, helping the rise in rural populations. Many of these residents want to use their acreage to engage in small-scale agriculture, which can drive continued growth for Tractor Supply over time.

Also, uncertainty did not stop growth altogether. In the first nine months of the year, net sales of almost $11 billion rose 7%. During that time, planned growth investments led to an increase in selling, general, and administrative expenses. Consequently, net income grew only 5% over that period to $859 million.

Additionally, investors can benefit from a 2% dividend yield and a payout that rose 12% last year and 77% the year before. At 20 times earnings, investors should continue to harvest gains from this stock.

Chipotle Mexican Grill

Chipotle is another consumer stock that continues to unwrap new growth avenues. Investors welcomed Chipotle's long-term forecast of 7,000 locations in the U.S., far above the nearly 3,300 today.

It has succeeded in the fast-food space by taking a different approach than McDonald's. Instead of merely emphasizing fast, cheap food, Chipotle appeals to health-conscious consumers by offering fast-casual Mexican food made with natural ingredients. Despite recent price increases, it has kept prices reasonable, with the company still able to offer a burrito in some markets for under $10 before tax.

Thanks to that continuing appeal, its revenue in the first nine months of the year came to $7.4 billion, 14% more than in the same year-ago period. Rising comparable store sales and the addition of 231 locations led to increasing revenue.

Also, with slower cost and expense growth, net income of $947 million in the first three quarters of the year surged 41% higher.

Admittedly, Chipotle is no hidden gem. The restaurant stock sells for 52 times earnings. Nonetheless, its P/E ratio has been near the lows of the last five years, and with it working to expand its footprint and customer base, the growth should continue into 2024 and for a long time to come.