While Gen X and Boomers may be struggling to figure out what the metaverse even is, Gen Z is fully immersed in it. Now, digital experts are pointing to gaming as a platform for brands to connect and interact with this generation.
“It’s not a foreign or futuristic concept for them – it’s their reality,” states a report from Razorfish, a digital marketing agency, and Vice Media, titled “The Metaverse: A View from Inside.” “Through virtual events, AR (augmented reality), gaming and other immersive experiences, the metaverse is impacting the way Gen Z thinks, acts, socializes and spends money every day.”
Among other things, the Razorfish/Vice report found that 1 in 3 Gen Z respondents would like to see virtual stores for browsing/buying products. As it is, they already buy virtual goods for their virtual experiences, and over the next five years 20 percent of Gen Z’s “fun budget” will go to the metaverse, up from 15 percent (or $50 per year) today. And whether it’s customizing their avatar or buying things that align with their values, 2 in 5 Gen Z respondents say their virtual possessions are just as important to them as their real-life possessions.
Currently, 35 percent of Gen Z consumers have tried virtually reality (VR), according to the Cotton Incorporated Coronavirus Consumer Response Surveys. That compares to 30 percent of Millennials, 26 percent of Gen X, and 13 percent of Boomers.
More than one-quarter of teens (26 percent) own a VR device, according to Piper Sandler’s “Taking Stock with Teens Survey, Fall 2022.” Weekly usage of VR devices stands at 14 percent. Meanwhile, the firm found video games constitute 12 percent of teen wallet share, and 30 percent plan to buy a next-gen console within two years.
The Razorfish/Vice report also found that 46 percent of Gen Z would like brands to provide free products and experiences in games or other metaverse areas. Another 36 percent…
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