Inflation is soaring in 2022 and the Reserve Bank of Australia lifted interest rates in its biggest hike in 22 years yesterday. That might have left the pockets of Australians feeling lighter, which is generally bad news for S&P/ASX 200 Index (ASX: XJO) consumer shares.
Tighter belts on customers often means less revenue for consumer-focused stocks.
In fact, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – while currently up 0.07% – has slipped 1% since the RBA’s 0.5% rate hike was announced yesterday afternoon.
Let’s take a look at 5 ASX 200 consumer shares sliding to 52-week lows on Wednesday.
5 ASX 200 consumer shares tumbling to 12-month lows
Wesfarmers Ltd (ASX: WES)
ASX 200 monolith Wesfarmers is struggling today.
The retail-focused conglomerate behind such brands as Bunnings, Kmart, and Officeworks has seen its stock slump to a new 52-week low of $44.65. That represents a 2% fall on its previous close.
Harvey Norman Holdings Limited (ASX: HVN)
The share price of $5 billion furniture and electrical retailer Harvey Norman also hit a new 52-week low today.
It slumped to $4.18 – 1.8% lower than it was at the end of yesterday’s session.
Domino’s Pizza Enterprises Ltd. (ASX: DMP)
Even pizza juggernaut Domino’s hasn’t managed to escape today unscathed.
The ASX 200 consumer share fell 2.6% to a new 52-week low of $63.16 on Wednesday.
Eagers Automotive Ltd (ASX: APE)
And today’s suffering wasn’t only contained to ‘traditional’ food and retail stocks.
ASX 200 consumer share Eagers Automotive, which operates car dealerships, hit a new 52-week low of $9.92 on Wednesday. That’s 2.8% lower than it was at the end of Tuesday’s session.
Breville Group Ltd (ASX: BRG)
Finally, most Australian consumers would have seen Breville products either at home or on shelves.
The company designs and manufactures small electrical appliances – think blenders, juicers, and fans.
Today, the Breville share price hit an intraday low of $18.73, representing a 2.2% fall. It also marked the lowest the stock has been in around two years.