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Power Play: Return of the consumer

Retail sales cash dollar
Daniel Acker | Bloomberg | Getty Images

Consumer confidence fell in April, but that doesn't change the economic outlook for one market veteran.

Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, tells CNBC's "Power Lunch" on Wednesday he believes confidence will be higher from consumers, businesses and investors in the coming quarters.

Read MoreConsumer confidence down in April

"Our economic forecast calls for a gradual pickup in the economy. Favorable employment and consumer confidence trends are expected to be important drivers for increased demand and corporate capital investment," Wren said.

Consumer discretionary is one of his overweights and within that sector, he likes apparel and accessories. "We continue to expect better domestic economic performance this year versus last," Wren said.

Consumer discretionary is up five-percent year-to-date.