Even though cyclical stocks’ excess return has been somewhat modest in 2021, they have done well overall since the start of this bull market. Moreover, while the economy is poised to slow next year, real-GDP growth should post another healthy gain near 4% to 4.5%—helping to keep cyclical stocks in a leadership position. Thus, owning a wide variety of cyclical stocks again during 2022 probably makes sense. Still, there are a couple of reasons investors should consider tilting those cyclical bets toward consumer cyclicals rather than industrial cyclicals.