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Gen Z wants the Metaverse to look like an online mall, new survey finds

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The Metaverse is growing rapidly, and the market opportunity to bring any number of Metaverses to life may be worth over $1 trillion in annual revenue, according to a Grayscale report. Consumers are definitely following, as a new survey showed that a staggering 70% of all consumers who shopped online at a virtual store made a purchase, with Gen Z and Millennials leading the charge.

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The survey, The Metaverse Mindset: Consumer Shopping Insights, released by e-commerce platform Obsess on Jan. 25, found that nearly 75% of Gen Z shoppers purchased a digital item from a video game, and 60% of these young shoppers think brands should sell their products on metaverse platforms.

Additionally, among Gen Zers who think brands should sell in the Metaverse, 54% said people should be able to shop wherever they go online, while 45% said Metaverse environments should look like online shopping malls, according to the survey.

And of those Gen Zers, 41% said brands should sell in the metaverse because it gives consumers a convenient place to buy digital products like NFTs as well as physical products.

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“Our data indicates that the majority of young consumers want to be able to shop for their favorite brands anywhere they go online, including on metaverse platforms,” Neha Singh, CEO and Founder of Obsess said in a statement. “These shoppers grew up with online video games, esports and social media and many of them see the emerging metaverse as a modern shopping mall – a connected virtual world where they can hang out, shop and socialize. For retail brands, these survey results underscore the importance of creating strong metaverse commerce strategies today that will resonate with consumers for years to come.

Among respondents who had shopped online in a virtual store before, 60% said they would likely do so again, including 54% Gen Z, 68% Gen Y and 67% Gen X .

Another key finding from the survey shows that online video game platforms are key metaverse shopping environments, as 74% of Gen Zers and 62% of respondents overall have purchased a digital item – such than an accessory, skin or item of clothing for their avatar – in an online store. video game.

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When it comes to what consumers are willing to buy, 52% of respondents said they would pay up to $49.99 for a virtual product for their avatar to use in an online video game, according to the survey.

However, not all consumers are clear on how metaverse is defined as 53% of respondents said they are very or somewhat familiar with the term metaverse, indicating that retail brands will need to establish a clear message when it comes to this will describe their metaverse offerings to consumers. , the investigation revealed.

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Meanwhile, 40% of all respondents believe the metaverse is still in the conceptual stage, but will eventually take the form of connected online technology platforms that people navigate using a digital avatar. . Meanwhile, 27% mistakenly perceive the term metaverse to refer to technology owned by Meta, Facebook’s parent company.

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About the Author

Yael Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She has also worked as a VP/Senior Content Writer for major New York-based financial firms, including New York Life and MSCI. Yael is now independent and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Toulouse-Jean Jaurès University, France.