The changing economic situation is affecting almost every facet of life. We look at how this is playing out in the media, providing food for thought when considering how the current times are impacting consumer and corporate habits.
It was not long ago that the news and life in Australia was dictated by the global pandemic. The flow-on effects on society were numerous and profound, including changes to the way we work and live.
Three years on, all eyes and ears are now on our evolving economic situation, with a clear shift in the news to cost of living pressures and workplace issues.
At The IMPACT Agency, we work with clients across a number of different industries, and we are seeing, first-hand, how the macro is manifesting itself in consumer and corporate sectors and, by extension, the media.
Whether Australians are battling the next rate rise or are dealing with the psychological fallout from the pandemic, we’re shining a spotlight on some of the themes feeding the news cycle.
Lockdown may be over, however many people continue to experience aftershocks from the pandemic, particularly in the workplace.
Fatigue, stagnant wages and work overload are stresses, which have manifested into trends, such as ‘quiet quitting’, ‘loud leaving’ and ‘bare minimum Mondays’. It’s the workforce’s response of just trying to survive.
Workplace flexibility stories in the form of ‘hybrid’ working styles, ‘four-day work week’ trials, and the ‘return to the office’ are just some examples of how employment trends are playing out in the media, and perhaps, a sign of the times that there is more to be done before Australia realises the ‘new normal’.
The rise of the generational divide
Do you know which generation you belong to? Are you a Baby Boomer, Gen X-er, Millennial or, the latest addition to the workforce, Generation Z?
Australians love a label, as do the media. It serves as a way of breaking down how the many age groups are responding to the current economic climate.
As the youngest group to join the workforce, with social media at their fingertips, Generation Z has made headlines ‘live quitting’ on Tik Tok and for seemingly placing their personal lives above job responsibility.
The property industry is another example of how economic factors are affecting different generations, depending on whether they’re renters or homeowners.
The impact of the cost-of-living crisis
With four interest rate rises in six months and the cost of the weekly shop skyrocketing, it’s no surprise that everyone is talking about the financial pressure they’re facing.
Turning to the media, there is a plethora of tips and advice on how to save every dollar and be smarter with your money, with an uptick in renewable energy solutions as a way to lower household bills.
And let’s not forget that financial hardship not only impacts people from a personal perspective, but it can also affect work life too.
Take this recent Forbes Australia article from our client Gartner, which shows financial wellness is at an all-time low for Australian employees, increasing the potential flight risks for organisations.
If you want to explore how your organisation ties into these key themes, or perhaps can provide a solution, just contact the IMPACT team.