"Summertime -- and the livin' is easy." So why not indulge a bit? While consumer staples may be safe bets with the ongoing economic recovery around the globe, consumer discretionary stocks are not bad picks either. 

Optimism in the market mainly follows multiple external factors. News of sustained economic recovery in Europe (apart from Greece), higher consumer spending in the U.S., lower interest rates and a stronger U.S. dollar suggest that conditions for investment have never been better since the Great Recession was ushered in seven years ago. If we consider the report of the U.S. Bureau of Labor Statistics (BLS), we will see a continued downtrend in unemployment rates, indicating that the revival of job markets is going strong.    

These apart, the U.S. government’s favorable monetary policy is also conducive to the growth of consumer sector, as constant support from the Central Bank is ushering in good news for consumers. Broadly speaking, as per observations, the consumer discretionary sector performs well when the overall economy is faring well. According to S&P Dow Jones Indices, over the last year, returns from the Consumer Discretionary Select Sector Index was 18.74%, compared with 9.89% return from S&P 500. This implies that the sector is riding on a steady growth track.

However, though the consumer sector may seem a lucrative one for investment, it might actually be difficult to zero in on stocks that offer maximum potential. It is here that the Zacks Style Score System comes to your aid, allowing you to find must-have stocks for your portfolio.

Our Growth Style Score condenses all the essential metrics from the company’s financial statements to obtain a true sense of the quality and sustainability of the stock’s growth. Our research shows that stocks with Growth Style Scores of ‘A’ or ‘B,’ when combined Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy), offer the best investment opportunities in the investing space.

For finding the best-performing stocks in the consumer sector, we, at first, short-listed stocks that have a Zacks Rank #1 or #2 and carry a Growth Style Score of ‘A’ or ‘B.’ Further, to strengthen our predictions, we have considered stocks that has earnings estimate growth [F(1)/F(0)] greater than 20.

Here we come with three stocks that hold a king-size growth potential.

Boyd Gaming Corporation

Nevada-based gaming giant, Boyd Gaming Corporation (BYD - Snapshot Report), is famous for its chain of hotels and casinos across the entire U.S. The company currently boasts 22 gaming entertainment properties, making it one of the top casino entertainment firms. With annual revenues over $3 billion, management remains confident that the company is well-positioned to maximize value for its shareholders.

This Zacks Rank #2 stock carries a Growth Style Score of ‘B.’ Additionally, its estimated earnings for the current year stand at a spectacular value of 3362.5. Encouragingly, the stock has seen a 25% revision in estimates to 35 cents per share for 2015 earnings, over the past 60 days.

Diamond Resorts International

Diamond Resorts International (DRII -Snapshot Report), headquartered in Nevada and one of the largest names in hospitality and vacation ownership industries, is another good pick for investors. With an enviable geographic dominance over the Americas, Africa and Asia, the company has 92 Diamond Resorts properties and 210 affiliated resorts and hotels to its name. With a rich customer-centric focus, the company offers a vacation-ownership program through which members can secure ownership interests in the form of points.

Diamond Resorts carries a Zacks Rank #2 and a Growth Style Score of ‘A.’ Moreover, the company has estimated earnings growth of 74.03. Encouragingly, the stock has seen a 5.5% revision in estimates to $1.34 per share for 2015 earnings, over the past 60 days.

Carnival Corporation

Carnival Corporation (CCL - Analyst Report), a Florida-based multinational cruise company, holds a solid reputation for offering best-in-class cruise vacations across the globe. The company operates many cruise brands including Carnival Cruise Line, Holland America Line, P&O Cruises and Costa Cruises across Europe, Australia, America and Asia. Currently operating more than 100 ships, the firm is scheduled to deliver 7 new ships within 2015–2017.

Carnival Corporation has a Zacks Rank #2 and a Growth Style Score of ‘B.’ Also, the company has estimated earnings growth of 25.64. Further, the stock has delivered positive surprises in each of the last 4 quarters with an average beat of 143.71%.

To Conclude 

Apart from a slow but steady economic recovery, the current positivity in the U.S. market is enough to fuel investors’ appetite in the near term. Growth investment has become one of the most popular methods, as it is not only the fastest way to multiply wealth but also offer great returns in a buoyant market. We think it is the perfect time to indulge in these vacation and casino growth stocks to see your portfolio swell.

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