If you are using Microsoft Excel you would get the best results from the Windows 1252 option - as this is the character set that Microsoft themselves use.
If you click on the Export button you will see the window below pop up - the default option is Windows 1252 as shown below:
For the UFT-8 option you would need to open it 'specifically' in Excel for it to recognise it - otherwise it will show what looks like incorrect characters … basically you would need to open it as a text file and choose UTF-8 encoding to see it - it is a Microsoft Excel thing which we are not in control of.