"Consumers are tightening their belts as they deal with inflationary pressures. Retailers are working through excess inventories as a weak holiday shopping season could lead to inventory issues in 2023. According to Jungle Scout, 54% of holiday shoppers will spend less per person. Diners are pivoting toward fast casual and quick service versus casual dining. PepsiCo (PEP): brand, pricing, and snacks are key profit drivers for the company. McCormick (MKC): season's eating is ahead and starting to see a corner turn on inflation. Finally, Costco (COST): holiday merchandise is out and is the biggest seller of beef in the U.S.," says Chris Versace.