Utah consumer sentiment plunges to lowest level since 2022

SALT LAKE CITY — Americans are frustrated with the state of the economy, as evidenced by the Associated Press Voter Poll, where voters expressed alarm over the high cost of living.

Those concerns aren't exclusive to the rest of the country, either, with Utah's consumer sentiment dropping to its lowest level since November 2022.

Specifically, sentiment in the Beehive State fell 3.7%, from 71.3 in September to 68.6 in October, according to the Zions Bank Consumer Sentiment Survey. This decline follows a 4.6% drop from August to September, signaling multiple months of economic frustration.

Perhaps notably (especially ahead of the holidays), the subindex asking Utahns whether it is a good time to purchase durable goods, such as furniture, fell 21%.

"The drop in durable goods sentiment is an understandable response to a price shock. To make room for continuing increases in necessities, consumers are pushing off big purchases," Zions Bank senior economist Robert Spendlove said in a statement. "As we enter the holiday season, consumers should keep an eye on how economic changes will affect their holiday spending and budget accordingly."

Another likely factor beyond general cost of living concerns, and something that has plagued consumer sentiment locally and nationally, unsurprisingly, is the cost of gas.

President Donald Trump on Wednesday acknowledged that the war in Iran likely impacted midterm elections, suggesting voters were frustrated by increasing gas prices that have come as a result of a more than eight-month conflict.

"It drove the gasoline up a little bit, short term," Trump told reporters. "The Iran thing we had to do, and we continue to do it."

Gas prices are still higher in Utah than the rest of the U.S. on average, with a gallon of regular gas costing $4.53 as of Wednesday, according to AAA data. Comparatively, the U.S. average sits at $4.12.

And with affordability weighing heavily on the minds of voters in Utah and nationally, it remains to be seen how, if at all, the results of the midterm election impact consumer sentiment over the coming months.