This New Report Reveals How Economic and Political Uncertainty Is On the Rise

The start of the 2020s brought a lot of uncertainty into the world, with the coronavirus pandemic and increasing levels of political polarization playing a huge role in this trend. Global marketing and media firm Omnicom's Sparks & Honey recently released a report that revealed that uncertainty is still on the rise. Many experts believed that economic and political uncertainty would decline, but in spite of the fact that this is the case it is still increasing according to this report.

Starting with the economic front, this report highlighted that around 80% of Americans don’t like their current economy. With all of that having been said and now out of the way, it is important to note that this is the highest proportion of Americans who are unsatisfied since the 1950s when the economy was still reeling from the Second World War. Consumer prices increased by 8.6% year on year in May, which explains why so many Americans are not comfortable with the current state of economic affairs.

There is also a lot of uncertainty surrounding the political climate with all things having been considered and taken into account. Around 38% of the world’s population lives in a part of the globe that does not have a fully functioning democracy. This reverses the trend that was seen since the start of the 21st century, and it is concerning because of the fact that this is the sort of thing that could potentially end up undoing a lot of the progress that humanity has made so far.

Additionally, around a third of all Americans said that political polarization was the biggest issue that they were worried about. The American political system has been shaken to the core by numerous controversial supreme court decisions as well as an election that was disputed by the outgoing president despite being certified by numerous objective parties. It seems like this polarization will get even more rife as previous court precedents are reversed and the American people experience a more conservative political climate than what they have been used to since the latter half of the 20th century.

The world is also seeing a huge uptick in geopolitical strife, such as in the case of Ukraine where almost 7 million citizens, or 6.8 million to be precise, have been driven from their homes due to the Russian invasion. These kinds of conflicts are not just impacting the citizens of those nations either. Oil prices have shot up after Russia invaded Ukraine, increasing by 57% year on year and crossing the $120 mark for the first time since 2008 when the global financial meltdown sent oil prices skyrocketing.

Finally, it seems like the issue of climate change is becoming harder and harder for companies and individuals to deny. Almost two thirds of consumers, or 65% to be precise, want the CEOs of brands they buy from to make more environmentally conscious decisions. Whether or not these decisions are made remains to be seen, but consumer demand for a climate change oriented approach is hard to ignore. This might result in a shift in brand marketing approaches because they need to start heavily emphasizing their environmental policies.

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