Home Business News More than half the world population are voting in elections this year

More than half the world population are voting in elections this year

by LLB political Reporter
24th Jun 24 1:26 pm

More than half the world’s population are voting in 2024 as part of the biggest election year in history with changes felt across the globe, revealed a Euromonitor expert.

Jacques Olivier, Research Consultant at Euromonitor International, said more than 4 billion people from over 50 countries have voted or will be voting this year including major economies such as the UK, US, South Korea, India, South Africa and the Eurozone. 

“Election results will have major consequences on consumption of goods and services and economies in general. The changes will spill over across the globe, even to the countries that are not voting in 2024.”

Gen Z now the movers and shakers in global elections but Millennials are more likely to vote

Jana Rude, Senior Consumer Insights Manager at Euromonitor International, said, in her report Future of Consumption: Unlocking Gen Z Behaviour that Gen Z, those born between 1997 and 2012, made up 23% of the global population last year. In 2024, as first-time voters, Gen Z, are expected to surpass Baby Boomers who have made up the biggest number of voters for decades. 

“Gen Z’s influence is set to expand further – if they feel empowered enough to get out to vote. It is crucial for Gen Z to feel acknowledged, understand that their choices and actions make a difference, and recognise their role in shaping their future.

“It is likely that many Gen Z will not vote, leaving the Millennials as the biggest voting group in elections this year.”

Migration at the forefront of various populist election campaigns

Migration remains at the forefront of various populist election campaigns but came firmly into the spotlight when the 27 member European Union had their parliamentary elections in early June. In the years 2018-2023, the number of migrants increased by 173% in the EU according to Euromonitor’s report Navigating Consumer Landscape in the Age of Mass Migration: Impact and Opportunities.

Right wing and far right parties made significant gains in the EU parliamentary elections though they failed to achieve the results the polls had predicted with two important exceptions. In France, a coalition including President Emmanuel Macron’s Renaissance Party gained just 14.6% of the vote.

The far-right Rassemblement National, which campaigned on an anti-immigration ticket, won 31.3% of the vote. The results prompted Macron to immediately dissolve the French Parliament and call a snap election.

There were also setbacks for centrist parties in Germany. Chancellor Olaf Scholz saw his Social Democratic Party forced into third place behind the Alternative for Germany (AfD), a far-right party. Overall, right-leaning parties in Germany took more than 45% of the vote.

Female representation growing across the world: Mexico elects first woman president

Mexico elected its first woman president in June. Both candidates were female. Despite their representation in government, overall, females in Mexico still earn 28% less than their male counterparts. 

Rude said that despite advancements in female empowerment globally, achieving fairness and inclusion remains elusive, especially concerning women’s income levels. 

“In 2023, the global gender pay gap averaged approximately 30%, with women earning just 35% of men’s pay in the Middle East and Africa and 56% in Asia Pacific. Notably, even in developed regions advocating equal rights, women encountered a substantial pay gap, earning 20-25% less on average than their male counterparts.”

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