According to Vice Media Group, Gen Z spends twice as much time socializing in the metaverse than in real life. Video gamers dominate the metaverse right now. They don’t only consider their time in the metaverse as escapism but also as an extension of real life: 52% of Gen Z gamers say they would like to experience making money in the metaverse, while 33% of them would like to experience building a career there.
This study is significant for retailers applying their brands into the metaverse, extending their physical values into digital worlds and making marks wherever they go virtually.
The Gen Z audience isn’t only consuming the metaverse and everything it has to offer but discovering more about themselves and their personality. This comes as a huge benefit for brands to form relationships with their customers, building trust and value.
Brands will soon lose one of the most significant demographics if they don’t act on it inside the metaverse. But firstly, what exactly is the metaverse to these key players, and why does it matter right now?
What is the metaverse to a Gen Z consumer?
The tomorrow of the metaverse is still very much being moulded; however, the metaverse is a virtual reality space in which users can interact with a digitally designed and created environment and other users inside it.
It’s important to note that Gen Z has already established themselves inside the metaverse for longer than we thought. For a long time, young audiences have played video games where they interact inside open virtual worlds. A few are Fortnite, Roblox, and Minecraft.
Data reinforced that Gen Z is guiding the way with metaverse and that brands should be marketing powerfully to these individuals to win over this highly-convertible audience.
Significant insights to think about as a retailer
The true definition of the metaverse is still unknown; from the gaming world to unique virtual shopping experiences, the pillars inside what it means to partake in this digital world are right now: flexible.
However, it’s interesting to see the more digitally-skilled users appreciate the metaverse and what it presents so far. Major brands have undertaken the task to partake and leverage this unique opportunity. Even back in May 2021, Gucci debuted the Gucci Garden, a two-week art installation that sought to raise brand awareness among young customers inside Roblox. Upon entering the garden, visitors could view, try on and buy digital Gucci products to dress their blank, genderless avatars before exploring the garden’s themed rooms. The experience entitled Roblox’s core demographic, who are approximately ages 9 to 15, a digital entry to the exclusive world of luxury goods that only some can dream of in the real world. On top of this, the limited edition items have even greater cachet since closing the virtual world. According to the creator, more than 4.5 million items were ‘won’.
Brands today have a robust possibility to explore the brand and business possibilities for this new borderland. The Razorfish report suggests that brands should link physical and digital together and look at metaverse as no exception.
Reference: studies and data mentioned are according to Razorfish