3 safe-haven stocks I would buy as the economy cools

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I am looking for the best safe haven stocks to invest in today. I think these blue chip stocks could boost earnings even if economic conditions deteriorate.

Spire Health

Private hospital operator Spire Health (LSE: SPI) is a UK stock that I have already bought for my Stocks and shares ISA. I am also considering increasing my holdings as the waiting lists for free treatment keep getting longer.

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The British Heart Foundation said on Thursday that waiting times for heart care rose for a 22nd consecutive month in April to a record high of 319,366 people. Lists are climbing across the NHS and it’s pushing the number of patients like Spire through the roof. This particular provider’s private patient revenues grew at a record pace in 2021.

I think stocks like this may be better positioned than many others to weather the economic downturn as well. Indeed, health spending tends to remain broadly unchanged, even during difficult times. Good health is something we cannot afford to take for granted.

I am considering buying more Spire despite the threat that rising personnel costs pose to profits.

The gym group

Investing in companies that offer cheaper goods and services could work for me as consumer purchasing power declines. One way I’m thinking of doing is buying The gym group (LSE: GYM) shares.

People don’t stop training when times are tough. They could, however, choose to do so cheaply by joining a gym with cheap membership fees like The Gym Group. In fact, this operator’s low-cost model has helped boost membership levels since it reopened last April. It had 718,000 on its books at the end of 2021, up from 547,000 10 months earlier.

I might be tempted to buy the stock today and hold it for the long term as well. I like his plans to significantly expand his gym network from 206 locations to over 300 by 2025.

The fitness industry is competitive and The Gym Group will have to paddle hard to keep growing its membership. Still, I find the rate at which it has added members over the past year very encouraging.

Bloomsbury Edition

Reading is a relatively inexpensive hobby. This therefore makes companies involved in the book trade as Bloomsbury Edition (LSE: BMY) interesting investments for me during this cost of living crisis.

The company’s outstanding business news this week whetted my appetite. Sales and profits soared 24% and 40%, respectively, to new highs in the past fiscal year (through February), as the recovery in demand for books seen during the pandemic continued.

I also love Bloomsbury for other reasons. It is the house of Harry Potter, a cash cow whose sales continue to grow decades after its launch. I also love the company’s successful foray into academic literature.

I would buy the business even if soaring paper prices put a strain on profit margins.

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