There was an unprecedented surge in consumer spending over the past 24 months. A rush of government stimulus combined with a strong economy gave Americans a ton of disposable cash for shopping. However, amid surging inflation and fears of an impending economic slowdown, consumers are tightening their belts in 2023. That has pushed certain household name stocks into negative territory for the year.

When investing in household name stocks, it’s important to ask whether the company in question is seeing its market position weaken, or if it is merely passing through a temporary downturn. For those merely facing transitory issues, it can be a great time to buy these stocks on the dip.

Consumer companies are facing significant challenges now. Supply chains, inflation, and slowing demand are all impacting earnings. But these won’t be permanent issues, and companies with strong brands will brush off this momentary weakness. In my view, these are the three best household name stocks to buy on dip today.

Nike (NKE)

Shares of global footwear and athletic apparel giant Nike (NYSE:NKE) are on a losing streak. NKE stock is down more than 10% over the past month, and Nike has fallen to its year-to-date lows for 2023, at the time of writing.

Much of this selloff has been tied to a dismal earnings report from retailer Foot Locker (NYSE:FL) last week. Foot Locker shares plunged 25% amid weak earnings and sour guidance for the rest of 2023. Investors are interpreting this to mean that sales for Nike and other footwear makers will also fall.

That theory isn’t entirely unfounded. However, it misses the big point around Nike’s strategy over the past five years. Nike has invested in industry-leading direct-to-consumer e-commerce solutions. Nike has been wanting to reduce the importance of third-party stores like Foot Locker for many years, allowing Nike to earn a higher profit margin on its sales.

There is a world where Nike can produce solid results even as Foot Locker struggles. Now, to be fair, Nike may have some issues of its own. Williams Trading, for example, cut NKE stock to a sell rating on Monday, warning of a stale product mix.

That said, there’s little doubt that Nike will remain a global growth story over the longer-term. And with some key markets such as China picking up steam, Nike should find itself back on track soon.

Coca-Cola (KO)

Shares of beverage leader Coca-Cola (NYSE:KO) have slipped in recent weeks and are now down slightly year-to-date. This represents a buying opportunity for this venerable growth and income stock.

Coca-Cola is the ultimate consumer favorite, with its namesake beverage being found in nearly all corners of the globe.

Coca-Cola has had an interesting couple of years. The pandemic resulted in a stark hit to sales at stadiums, restaurants, movie theaters and other such public venues. And then supply chain and inflationary issues dinged profit margins once the economy started to reopen.

Now, though, things should normalize for Coca-Cola. Supply chains and input costs are stabilizing. And with the global economy returning to a more standard state, Coca-Cola should see its operations fare well in the months and years to come. With the recent dip, shares are now at 24-times forward earnings and offer a 3% dividend yield.

Estee Lauder (EL)

Estee Lauder (NYSE:EL) is one of the most dominant players in the cosmetics industry. There were initial concerns over how the industry would fare during the pandemic era, when people were stuck at home. However, as the economy reopened, cosmetics saw a surge in activity and EL stock soared to new all-time highs.

However, the pandemic reopening pop has ended. EL stock is now down more than 20% year-to-date following a weaker-than-expected earnings report.

This is a buying opportunity. Estee Lauder has averaged 11% annualized free cash flow growth and 12% earnings per share growth over the past decade.

Additionally, the company has also managed to produce tremendous 79% gross margins over the past decade. With something as important to consumers as their cosmetics, price isn’t an obstacle. Estee Lauder has a fantastic group of brands, and shares should recover in coming months.

On the date of publication, Ian Bezek held a long position in NKE and EL stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.