Utahns continue to express concern about their economic prospects, but not nearly as much as Americans generally. While Utah’s consumer sentiment fell slightly in April — down 1.4 percent — as reported by the Kem C. Gardner Policy Institute’s Survey of Utah Consumer Sentiment, a similar survey of consumers nationwide saw an 8.4 percent drop.
U.S. consumer sentiment, as measured by the University of Michigan, has declined 29.5 percent since December, while Utah’s consumer sentiment has declined 12.3 percent in the same period.
While four of the five questions comprising the state index showed little movement in April, the question gauging expectations for business conditions in the near future declined 8.6 percent.
“April’s Utah Consumer Sentiment index marked the third consecutive month of declines,” said Natalie Gochnour, director of the Gardner Institute. “Utah’s declining but higher sentiment likely stems from the state’s nation-leading economic strength, with data showing Utah’s gross domestic product growth No. 1 among states in 2024.”
The Utah consumer confidence survey uses key questions from the University of Michigan’s Survey of Consumers. These questions measure residents’ views of the present economic situation and their expectations for the economy in the future. Data gathered from the key questions are used to create the consumer confidence index for Utah. Demographic questions are included in the questionnaire to allow for additional analysis of the data and to assess the representativeness of the sample.
The full results of the monthly Utah Consumer Sentiment survey can be accessed through the Gardner Institute website at gardner.utah.edu.