Excel has known issues with displaying UTF-8 encoded CSV files correctly when these files are opened directly through a double-click in Windows Explorer. To resolve this issue, you should import the CSV file using the "Data / Import CSV file" option in Excel. This method ensures that the UTF-8 encoding is recognized correctly and the special characters are displayed as intended.
Here's how to import the CSV file correctly:
Alternatively, you can open the CSV file with other spreadsheet applications that handle UTF-8 encoding correctly, such as OpenOffice, Google Sheets, or Office365.