Ambling with Grambling #32: Consumer Equities for an Elderly Economy

研报英文原文证据摘录

Ambling with Grambling #32: Consumer Equities for an Elderly Economy

Update

July 2, 2026 04:37 PM GMT

Morgan Stanley & Co. LLCMGaming & Lodging | North America Stephen W Grambling

Equity Analyst

Ambling with Grambling #32: Stephen.Grambling@morganstanley.comNicholas P DeValeria +1 212 761-1010

Nick.DeValeria@morganstanley.com +1 212 761-1413

Consumer Equities for an Molly Baum

Molly.Baum@morganstanley.com +1 212 761-0378

Elderly Economy James F Koehne, CFA

Research Associate

James.Koehne@morganstanley.com +1 212 761-2186

Gaming & Lodging

North America

Key Takeaways Industry View In-Line

Performance: GLL stocks took a step back over the past two weeks (-2% vs. S&P

flat). Lodging led underperformance, which was broad-based. LTH notably +8%.

Analysis: We examine stock performance for consumer companies most tied to

older consumers as wealth has become concentrated in older demographics.

2 wks behind: CCL Earnings, Mtgs with DKNG/RCL, RHP exploring partnerships &

potential sale of OEG, New CFO at PLNT, DKNG launches DKeX proprietary

exchange.

2 wks fwd: NY Marketing and World Cup Watch Event, CT Marketing, Fanatics

Investor Event / Fanatics Fest.

Sentiment: Despite the momentum unwind, investors in GLL appear unfazed, still

more interested in laggards even as broader discretionary positioning is light.

Consumer Equities for an Elderly Economy

Exhibit 1: Household net worth/ Exhibit 2: Despite this increased

wealth for older consumers (55+) have concentration of wealth among older

increased substantially since the mid households, our AlphaWise Consumer

2000's from ~55% to ~75% while the Survey has seen the youngest groups

younger cohort (<40) has been cut in having a more positive outlook for their

half from ~12% to ~6% currently finances over time relative to older