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September 5, 2023

The Story Behind the Data: Navigating the Cost of Living

The rising cost of living is not just an issue in Australia but a global concern that affects countless individuals, with people facing the daunting challenge of affording basic necessities while striving to maintain a decent standard of living. It’s a topic that can touch a nerve for many, but it’s also a dynamic conversation that drives the media, public opinion, and individual experiences. 

What’s driving the cost of living concerns?

A range of factors are driving the cost of living in Australia, with some having more of an impact than others. Using data from our sister company, Pulsar, inflation (as the overarching issue) is gaining the most media coverage as the price of goods and services continues to increase over time.

The top drivers of the cost of living
Source: Pulsar TRAC, 1 Jan – 30 Jun 2023

The chart also shows the rise in energy costs, interest rates, and housing prices (rent and mortgage prices) as other main drivers for cost of living concerns. As energy prices continue to increase, households are feeling the pinch as their expenses soar. And when it comes to housing, whether it’s the skyrocketing rent or the burden of increasing mortgage payments, many individuals and families are finding it increasingly challenging to secure affordable accommodation.

Let’s take a closer look at these topics.

Energy fuels the discussion

Energy sources and prices are hot topics in the media, impacting households, affordability, and vulnerable populations. But a troubling discrepancy emerged in the May 2023 Budget: businesses got more attention than households in energy relief measures. Surprisingly, only 13% of media coverage focused on the struggles faced by individuals, while a whopping 29% centered around the politics and policies of Australian businesses. This raises valid concerns about whether the media is truly addressing the needs of Australian communities.

The energy narrative and the cost of living

Sectors feeling the heat of media scrutiny

Media outlets play a crucial role in shaping public opinion and influencing the cost of living. When it comes to specific energy sectors, they have become the subject of intense media scrutiny. Data from our Energy Transition report shows that coal and gas are in the hot seat, with a significant portion of media coverage – 43% for coal and 26% for gas – dedicated to discussing these fossil fuels. This media focus highlights the ongoing conversations surrounding the environmental impact of coal and gas, their contribution to climate change, economic considerations, and the urgent need for policy changes to transition to cleaner energy sources.

the great energy debate and the rise in the cost of living

Feeling the pinch

The cost of living crisis goes beyond numbers; it’s intertwined with the housing market and interest rates. Escalating housing costs, fueled by rising prices and interest rates, can put immense strain on household budgets, leading to financial stress and widening economic inequality.

But the conversation doesn’t stop there. The story behind the data is clear: the cost of living is an issue that affects us all, and the media plays a crucial role in shaping and amplifying the conversation. Google searches and social media activity reflect people’s ongoing concern about the weight of living expenses, especially around RBA announcements. Anxiety emerges as a dominant theme, with a staggering 93% of media coverage highlighting the keyword.

cost of living comparisons
Source: Isentia (print, online, broadcast), Pulsar TRENDS (Twitter), Google Trends, May 1 – July 30 2023

Data from the Australian Bureau of Statistics shows living costs have reached an all-time high. Over the past 12 months, all living cost indices have risen between 7.1 percent and 9.6 percent for all households, compared to a 7 percent annual increase in inflation.

The difference largely stems from living cost indices taking into account mortgage interest charges. Housing and interest rates have been the largest contributors to the rise in the cost of living, with home owners feeling the pinch from rising mortgage payments and renters feeling the brunt of it. According to the RBA, the average mortgage size in Australia has increased by 38% in the past decade. According to Pulsar data, unsurprisingly, 84% of Australians are left feeling sad about the cost of living. 

Influential figures shaping the conversation

Data from the Pulsar Platform gives a visual snapshot of how several Australian and foreign individuals and groups are influencing the conversation, including politicians, economists, consumer advocacy groups, and business owners.

who is talking about the cost of living
Source: Pulsar TRAC, 1 Jan – 31 May 2023. Influential people and organisations

Unsurprisingly, the Australian Labor Party (ALP) holds significant influence when it comes to shaping the cost of living conversation in Australia’s political landscape. As the governing body in Australian Parliament, their policies and initiatives subjectively bear the everyday Australian in mind, aiming to tackle the affordability challenges that many face. The ALP resonates with citizens worried about rising living costs due to its focus on income inequality, social justice, and fair economic policies. But are they doing enough?

Treasurer Jim Chalmers, along with other influential ALP members including Prime Minister Anthony Albanese, Chris Bowen, and Mick de Brenni, are leading the conversation in an effort to alleviate living expenses and promote income growth. Despite their desire to achieve these outcomes, the public outcry on Twitter shows the frustration Australians are feeling. The Prime Minister and Treasurer are in the firing line, with the public urging more action on the cost of living crisis.

Jim chalmers and the cost of living
online sentiment about the cost of living

How media intelligence can help you navigate the cost of living

Advocacy efforts can be significantly enhanced through the use of social listening and media monitoring. These tools allow you to effectively navigate the dynamic narratives surrounding the cost of living. By tailoring your advocacy approach, you can foster a more equitable and sustainable solution that brings positive change to communities and influences public opinion.

Additionally, by staying well-informed about the ongoing public discourse and trending discussions related to the cost of living, you can develop compelling communication strategies that effectively inform and engage your stakeholders.

Curious about how media intelligence can enhance your communication strategies to connect with your audience? Request a demo here, and our expert team will reach out to help you develop your communication strategies.

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During a time of surging prices Buy Now, Pay Later (BNPL) has gradually transformed consumer patterns of behaviour in a largely heterogenous Southeast Asian region.

High mobile penetration has given social media access to a younger demographic that perceive BNPL as an enticing option with no accessibility issues.

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A largely rural and underbanked population became very susceptible to predatory inclusion leading to increased calls for regulation. This helped in changing the consumer perception of BNPL from 'free money' to 'lent money'.

The geography and the type of manufacturers present in the region also play a huge role in the kind of commodities bought by audiences. BNPL providers work by assessing the standard of living of the population that's largely underserved, and provide offers accordingly.

Brands, interestingly grabbed the opportunity of providing these services to consumers involving less bureaucratic processes. Therefore, consumers are stuck in the dichotomy of maintaining restraint when it comes to spending, but also having the fear of missing out when brands make everything so much more appealing.

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Buy Now, Pay Later: mapping dominant narratives and spending habits in an underbanked Southeast Asia

Explore how BNPL is transforming consumer spending with dominating Southeast Asian regional narratives amidst growing regulation.

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During a time of high interest rates and restrained spending, Buy Now, Pay Later (BNPL) is offering another avenue for consumers to cope financially.

In this environment individual approaches to finances are shifting with a growing number utilising BNPL for essentials rather than luxuries. As a result, attitudes towards spending are also evolving.

There are increased calls for regulation and scrutiny of the sector, with proposals for oversight similar to that of traditional credit cards. For brands even tangentially involved in the sector, and the PR & Comms professionals in situ, understanding what messaging resonates, where risk lies and how trust might be earned is essential.

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As the spotlight on sustainability intensifies year by year, it has become a focal point for legislators, media entities, and audiences worldwide.

This dynamic environment demands that brands and institutions elevate their standards in messaging and actions, holding them accountable like never before. For professionals in the PR & Comms realm, it is imperative to grasp not only how sustainability is being discussed but also the potential pitfalls, such as greenwashing, and gain a profound understanding of the diverse audiences receiving these messages.

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-Unraveling trends in the sustainability conversation

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data-driven PR

Data-driven PR is a key driver of targeted communications strategies, but the strategy isn’t solely dependent on the large volumes of data being hosted online. The real challenge lies not in quantifying the abundance of information but in our ability to unearth actionable insights from this virtual goldmine. In this web of stakeholder engagement, the true art lies in analysing and applying the wealth of intelligence buried within.

Data lakes are essential for tech businesses but don't get bogged down by the amount of information. The goal is to sort through the maze of data, merging different sources and perspectives using media and stakeholder intelligence. These intelligence tools uses data mining and data science to analyse public, social, and editorial media content. It refers to marketing systems synthesising billions of online conversations into relevant information. When communicating with data, it’s beneficial to keep the following approaches in mind to effectively achieve your objectives.

Unlocking Data's Capabilities

Contrary to popular belief, the volume of data isn't the priority. It's the strategic application that truly matters. For organisations deeply entrenched in the tech sphere, data lakes have become foundational. Yet, let's not get caught in the vortex of sheer volume. Our purpose lies in deciphering the data labyrinth, piecing together the global and the hyperlocal, infusing social and political insights, and fusing disparate data sources. This means blending research surveys, online feedback, web searches, and in intriguing cases - insights from the elusive dark web.

Media and stakeholder intelligence allows clients to discern the intricate narratives woven by their audience.

Consider the following approaches:

  1. Segmentation Strategy: Divide data into stakeholder groups to tailor messaging and strategies effectively.
  1. Strategic Metrics: Define key metrics aligned with goals (e.g. sentiment and engagement) for actionable insights.
  1. Holistic Insights: Combine global media trends, local narratives, and social data using visualisation tools.

Deciphering Stakeholder Dynamics

To unlock the potential of stakeholder engagement in your PR and communications strategies, it’s essential to follow a multi-faceted approach. 

Start by categorising your stakeholders strategically, as this segmentation forms the foundation for creating tailored and impactful engagement strategies. Additionally, keep a close eye on social conversations and online communities, as these platforms provide valuable insights into emerging trends and sentiment. Adaptability is key when it comes to messaging; personalise your communication to address the specific needs and concerns of each stakeholder group. By aiming for authenticity, you can build stronger connections and foster trust.

To unlock stakeholder potential, apply the following:

  1. Stakeholder Map: Categorise stakeholders by power, influence, and relevance to create focused engagement strategies.
  1. Narrative Tracking: Monitor social conversations and online communities to uncover emerging trends and sentiment.
  1. Customised Engagement: Craft messages aligned with stakeholder concerns to enhance authenticity.

Embracing Stakeholder Advocacy

On the journey to authenticity, harnessing the potential of stakeholder advocacy emerges as a vital strategy. This is particularly potent in areas like environmental, social, and governance (ESG) and diversity and inclusion (DNI), where credibility isn't instantaneous but a journey. Collaborating with stakeholders who share similar objectives creates a powerful ripple effect. Their advocacy becomes a strong ally, propelling organisations toward credibility. It's a co-creation of value that resonates and reverberates. 

Harness the powers of stakeholder advocacy with the following:

  1. Advocate Identification: Find stakeholders who share values, especially in ESG or DNI areas.
  1. Partnerships: Collaborate with advocates on initiatives, content, or events for credibility.
  1. Co-Creation: Share narratives with advocates to build trust and resonate with stakeholders.

Turning Theory into Practice

Putting these principles into a tangible context, consider the hypothetical case of an Australian non-profit organisation during the pandemic. As traditional face-to-face engagement became impractical, the organisation could have identified an opportunity to leverage online platforms.

Recognising the increasing digital engagement among their target audience, the organisation explored social media groups dedicated to mental health support. These are opportunities to join conversations and foster authentic connections with individuals seeking guidance during isolation.

By embracing this new avenue, the organisation can not only maintain their engagement but also expand their reach through solutions like virtual support groups, the sharing of helpful resources, and even organised online events to address the community's pressing needs. This adaptability not only showcases their commitment but also demonstrates the power of stakeholder-centric content in an evolving landscape.

Sailing Toward Success

In PR and communications, data is crucial, and insight is valuable. Prioritise stakeholder needs with strategic data segmentation, aligned metrics, and a combination of global and local data. Understand stakeholder dynamics to engage with them effectively. Advocacy and collaboration can build credibility and trust. This discussion empowers PR professionals with tools to translate insights into action.

Ready to turn insights into impact? Enter Isentia's research solutions and media intelligence platform. Seamlessly tackle data segmentation, decode stakeholder dynamics, and embrace authenticity through advocacy. 

Unlock Your Communication Potential with Isentia Today.

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Blog
Navigating Data-Driven PR & Comms in a Stakeholder-Centric Landscape

Data-driven PR is a key driver of targeted communications strategies, but the strategy isn’t solely dependent on the large volumes of data being hosted online. The real challenge lies not in quantifying the abundance of information but in our ability to unearth actionable insights from this virtual goldmine. In this web of stakeholder engagement, the […]

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