NEW YORK ( TheStreet) -- LJ International (JADE), G-III Apparel Group (GIII - Get Report) and China Xiniya Fashion (XNY) are among eight consumer stocks with potential upside ranging between 13% to 80% in the next 12 months, according to analysts polled by Bloomberg.
Consumer spending, which accounts for 70% of overall economic activity in the U.S., now fuels a major portion of economic growth. During March 2011, daily consumer spending in stores, restaurants, gas stations, and online averaged $64 per day as compared to $61 in February and $58 in January. Broadly, upper income spending averaged around $108 per day in March against $99 in the same month a year ago.
Additionally, consumer credit for February increased at an annual rate of 3.8%, the fifth consecutive monthly rally. Total consumer borrowing in February rose to $2,419.6 billion from $2,412 billion recorded in January.
Statistics from the National Retail Foundation show the retail industry sales growing at 4% from 2010 levels, led by a better-than-expected holiday season and strong sales growth. The data show that retailers who are able to grow volumes by ensuring footfall, cutting costs and warding off competition will have the competitive advantage. Moreover, with 2010 ending on strong comparable store sales for most retailers, the stage is set for growth in 2011.