This article originally appeared on Traders Reserve.

The first quarter of 2011 has been a tumultuous one, and with all of the unknowns weighing on the market — from the oil crisis to the Middle East to Japan — investors can expect more of the same. And then there are the problems on our own soil. What happens if the U.S. economy starts to lose steam, or if we see a return of double-digit unemployment?

To be sure, the threat of a substantive decline in stocks and/or a turndown in the economy is very real. So you’ll want to add some safe stocks to your portfolio that are likely to thrive when the rest of the market hunkers down, and that means consumer stocks. Basically, consumer staples companies manufacture or sell essential items such as groceries, personal hygiene products, home cleaning products, etc. — items that everyone needs regardless of economic conditions. Of course, all consumer stocks aren’t created equal. Some will survive a downturn better than others.

Here are five safe stocks to buy now:

Safe Stock to Buy #1 – Procter & Gamble (PG)

Consumer staples giant Procter & Gamble (NYSE: PG) is the best example of a multi-brand maker that every shopper is well acquainted with. Among the company’s global brands are Gillette, Iams and Pampers, to name just a few.

In February, the company reaffirmed its outlook for a fiscal 2011 profit of $3.91 to $4.01 per share. PG also announced several new product lines for release later this year, including new products in top-selling brands such as the aforementioned Gillette and Pampers. The new product launches are aimed to keep customers coming back to their favorite brands, and that could translate into continued upside for P&G’s future top and bottom lines, making it a safe stock to buy now.

Safe Stock to Buy #2 – Colgate-Palmolive (CL)

Another name consumers are very familiar with is Colgate-Palmolive Company (NYSE: CL). The company’s product lines include oral care, personal care, home care and pet nutrition.

The company has enjoyed some nice earnings growth over the past several quarters, and double-digit earnings growth for the past several years. One key driver going forward is its non-U.S. sales. More than 70% of CL’s sales are outside the United States, and of that number, approximately 30% come from Latin America. With Latin American sales expected to continue growing, CL could be a safe stock to buy now even if there’s a renewed economic downturn.

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Safe Stock to Buy #3 – Clorox (CLX)

When you think of The Clorox Company (NYSE: CLX), you think of bleach, but that’s not all that should come to mind. The consumer-products maker now boasts an impressive line of well-known consumer brands such as Kingsford, Brita and Hidden Valley.

Last year, the company was among the few big names to increase its dividend, raising its dividend payments by 10% in 2010. Analysts anticipate that Clorox’s core business will continue growing at a solid pace, and that this growth could deliver solid double-digit percentage growth in the quarters to come — and that kind of growth makes this a safe stock to own.

Safe Stock to Buy #4 – Coca-Cola (KO)

The soft drink giant is one of the greatest brands in corporate history, and year after year, the company keeps proving that consumers have a taste for Coke.

In February, The Coca-Cola Company (NYSE: KO) reported robust growth in fourth-quarter profits, mainly due to large sales increases in international markets. Unit case volume (a measure of all the company’s drinks sold worldwide) climbed 6%, with gains in this metric of 7% in Brazil, 18% in India, and a remarkable 31% in Russia. If you want to give your portfolio some fizz from overseas sales, then pop open some KO shares and drink them down.

Safe Stock to Buy #5 – Walgreen (WAG)

Walgreen Company (NYSE: WAG) is the largest drugstore operator in the United States, and this consumer stock also is one of the fastest growing companies in the space. WAG is expected to benefit during the quarter from the flu season’s much later peak compared with last year. Walgreen said this month that it had administered 6.4 million flu shots to date at its pharmacies and clinics. Revenue from non-pharmacy items missed targets yesterday, resulting in a sell-off of WAG stock, but the company saw significant growth even if it fell short. The sell-off could be overdone and Walgreens could be a bargain in the near-term. The company’s store-remodeling efforts and purchase of the Duane Reade chain in New York already have started to pay off, and investors will look for further progress and cost savings. With rising revenues and increasing same-store sales, WAG is a safe stock to buy now.

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