Utah’s consumer sentiment fell 13.5% in April, according to the Zions Bank Consumer Sentiment Survey. This decrease, from 81.5 in March to 70.5 in April, the largest percent decrease of Utah’s sentiment since March 2022 and the lowest index since October 2023 at 69.1. A similar survey conducted by the University of Michigan reports that sentiment decreased by 6.6% among Americans in April.
Utah consumer sentiment was likely affected by the increase of gas prices. Utahns are pessimistic about the business conditions for the next twelve months but are slightly more optimistic about long-term economic outlook.
“Utah consumer sentiment fell dramatically over the last month. Consumers are feeling the pressure at the pump with increases in gas prices due to the conflict in Iran. However, many Utahns remain optimistic about the economy long term, which is encouraging,” said Zions Bank senior economist Robert Spendlove.
This decrease in Utah consumer sentiment follows a three-month streak of increases from November to January.
