Timely Insights on Today's Volatile Economy

PRSA’s Member Mondays continue to provide timely insights.

The information-sharing sessions launched in January are held on the second Monday of every month and open to members and nonmembers. They focus on current topics of interest to the communications profession. Another session occurs on the fourth Monday of each month for leaders at Chapters, Districts and Sections, emphasizing best practice sharing and progress on PRSA’s Strategic Plan. 

PRSA Chair Ray Day, APR, Stagwell vice chair and Allison Worldwide executive chair, moderates the discussions. This year, guests have shared thoughts on 2025 trends, the state of DEI and the job market outlook.

The April 14 edition of Member Mondays featured a thoughtful analysis of the current economic volatility with guest Joey Von Nessen, Ph.D., a research economist at the University of South Carolina. (Watch a replay here.)

Amid dramatic headlines about tariff-related market swings, he said one thing remains constant: uncertainty. For brands and businesses contemplating how to plan for the rest of 2025 and beyond, Von Nessen’s message was clear: Don’t panic.

“We’re in a time of constant transition,” said Von Nessen, also a keynote speaker at the Counselors Academy 2025 spring conference in Charleston, S.C. “Where we are today is likely not where we’ll land long term. It’s easy to overreact when something negative hits the news or shows up in your business activity, but it’s more important than ever to step back and recognize the bigger picture.”

That bigger picture includes what Von Nessen describes as a bifurcated economy, where different sectors and demographic groups are experiencing different economic realities.

Another key factor complicating the picture is consumer behavior. Spending trends have diverged sharply across income groups. Higher-income households, still buoyed by investment returns and savings accrued during the pandemic, continue to spend, especially on discretionary items. In contrast, lower-income consumers feel the squeeze from persistent inflation and rising credit card debt, focusing their budgets more narrowly on essentials.

“This separation in spending power means that businesses catering to different income segments may be seeing very different outcomes right now,” said Von Nessen.

Given the uneven landscape, Von Nessen advises business owners and leaders to diversify — not just in products or services but also in client and customer bases.

He also cautions against making abrupt, reactionary decisions based on short-term data. “The nature of uncertainty is that we don’t know exactly how things will settle,” he said. “But that doesn’t mean businesses should stand still — it means they should move deliberately, with a broad and flexible approach.”

A generational look at PR’s future

The latest research from USC Annenberg’s Center for Public Relations uncovers generational differences in views on AI, corporate purpose, workplace culture and the media’s future. Titled “Mind the Gap,” this year’s Global Communication Report, released on March 27, offers key insights into how PR is evolving — and what it means for the profession moving forward.

Overall, 60% of respondents say artificial intelligence will benefit the PR profession, while 28% think AI’s impact will be negative. PR and comms professionals are using AI to generate social media content (43%), research and analytics (36%), and press materials (36%). These are just a few of the top-line survey results. 

Fred Cook, director of the Center for Public Relations and chairman emeritus, Golin, and David Michaelson, Ph.D., research fellow, were my guests on the April 23 episode of Strategies & Tactics Live. You can watch a replay of the session here.