Equity Strategy: Certain beaten down Consumer plays to show better performance in 2H

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Equity Strategy: Certain beaten down Consumer plays to show better performance in 2H

J P M O R G A N Global Markets Strategy

22 June 2026

Equity Strategy

Certain beaten down Consumer plays to show better

performance in 2H

• Some of the consumer sub-sectors are trying to form a bottom, trading off Equity Strategy

AC lows in the past weeks – top chart. Consumer was in the eye of the storm for a Mislav Matejka, CFA

while, but we think better performance for the parts of the group can (44-20) 7134-9741

continue in 2H. mislav.matejka@jpmorgan.com

J.P. Morgan Securities plc

• If one is buying into the space, one is definitely not joining consensus. Big Prabhav Bhadani, CFA

picture, Cyclical sectors in general are strongly outperforming again this (44-20) 7742-4404

year, aligned with our Year Ahead call, and we think that will continue in 2H, prabhav.bhadani@jpmorgan.com

but Consumer Cyclicals is the one area that has struggled. Most Consumer J.P. Morgan Securities plc

subsectors have been weak for a long time, ever since COVID’s V-shaped Nitya Saldanha, CFA

move. In contrast, all other Cyclicals had strong spells in the past few years, (44 20) 7742 9986

Banks on rising rates, Industrials on onshoring/infrastructure spend pickup, nitya.saldanha@jpmchase.com

Cyclical Tech on compute shortage and AI implementation, and Commodities J.P. Morgan Securities plc

on supply restrictions, infrastructure build out and on debasement trade. Karishma Manpuria, CFA

(91-22) 6157-4115

• Given that, Consumer plays’ price relatives are generally at multi-year lows, karishma.manpuria@jpmchase.com

their valuations are undemanding, and consumer confidence indicators in J.P. Morgan India Private Limited

most parts of the world are near record lows. These can only go higher from Anamil Kochar, CFA