February 3, 2023 (Salt Lake City) – Utah’s consumer sentiment increased from 68.7 in December 2022 to 75.6 in January 2023, according to the Kem C. Gardner Institute’s Survey of Utah Consumers. A similar survey by the University of Michigan also found sentiment rose from December (59.7) to January (64.9) among Americans as a whole.
“For the second month in a row Utah consumers are feeling better about the economy,” said Phil Dean, Chief Economist at the Gardner Institute. “Subdued inflation, lower fuel prices, and rising incomes are positively impacting Utahns sense of economic well-being.”
The Utah Consumer Confidence Survey uses key questions from the University of Michigan’s Surveys 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 and methodology are now available online.