Survey: Utah Consumer Confidence at Historic High
Utahns’ confidence in the economy has hit an all-time high just as the holiday shopping season begins. The monthly Zions Bank Consumer Attitude Index is at a record-high 116.8. Randy Shumway is the CEO at The Cisero Group which does the survey for Zions. He says any number more than 110 means the economy is running on all cylinders.
“Positive things are happening in Utah and it is resonating in their attitude and in their confidence and it’s a particularly good time for people to be feeling confident as we go into the holiday season. Why?," Shumway askes. "Because 20% of retail spending and of profit incurred by companies, by retailers, will occur during the holiday season. And we are anticipating that holiday spending will increase 4.1%, in aggregate, over last year.”
Shumway says their research also shows consumer expectations for conditions six months from now rose 8.2 points to 116.1, the highest level since his company began the survey four years ago. He spoke at The Red Balloon Toy Store in Sandy Tuesday.