Millennials and Gen Z will pay more attention to a brand in the metaverse: report

Nearly 60 percent of millennials and gen Z said they would like to know more about a brand venturing into the metaverse and pay more attention to its events or products, according to a new survey.

In a recent Yahoo APAC metaverse survey, it highlighted that 52 percent of respondents would pay more attention to a brand if they entered the metaverse and 51 percent might try or purchase its products if they dabbled in the metaverse.

According to the report, millennials see the metaverse as lucrative, providing more equal opportunities and innovative. Gen Z on the other hand sees it as a new way to make friends, another way to connect with people and a sustainable way of working.

Just like in the real world, safety and data security remains a top concern for consumers in the metaverse — 62 percent of APAC consumers said they worried about “fraud” and “the inability to distinguish truth from falsehood”.

Privacy and safety were also a top concern, with 61 percent saying it would be harder to protect privacy and personal information in the metaverse. The “absence of moral and legal norms” was also a concern for 57 percent of respondents.

Zoe Cocker, director of innovation and creative studio at Yahoo said, “While the metaverse as envisioned by so many doesn’t exist yet, this large-scale study gives us a unique insight into how it is being shaped and the drivers for its growth across Australia and New Zealand.”

Knowledge and awareness of the metaverse continues to grow with 73 percent of APAC consumers are aware of the metaverse, which has entered the mainstream consciousness in the region. Within Australia, 59 percent of consumers are familiar with the metaverse and 46 percent have expressed an interest in it.

Digital natives lead the way, with 66 percent of APAC and 59 percent of Australian Millennials and Gen Z looking forward to the metaverse.  

Many of the metaverse generation within the ANZ market have already experienced the metaverse in virtual gaming environments. Two-thirds of Australian Gen Z and three-quarters of New Zealand have played Minecraft, Roblox, Fortnite, or other open-world games in the past month, a ratio that is much higher than in other markets, the report noted.

Cocker said, “There has been a lot of hype about the potential of the metaverse, but very little is known about what consumers expect.

“This study shows there are a variety of factors moving people to these online spaces, and the pace with which people from different generations are adopting and adapting this technology. Understanding what consumers want from the metaverse will give brands who build with these desires in mind a huge advantage.”