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THE METAVERSE

Consumer awareness of the metaverse is rising rapidly, study finds

By our News Team | 2022

But understanding remains low and only 15% of people know what it is and can explain it to someone else.

International advertising and marketing services agency, Wunderman Thompson, has just published New Realities: Into the Metaverse and Beyond, an analysis and roadmap for the industry which expands upon its previous Into the Metaverse study. 

While the original study has been valuable, Wunderman Thompson says this new paper gives brands and agencies clear directions in a tech field which 74% of people feel will be the future.

The latest 2022 survey – based on insights gleaned from over 3 000 interviews with people aged 16-65 in the United States, United Kingdom and China during March this year – shows that awareness of the metaverse has more than doubled in less than a year. 

While less than a third (32%) of interviewees had heard of the term in July 2021, by March 2022 almost three quarters (74%) had heard of the metaverse.

The Metaverse

Image by Nurudeen Alidu from Pixabay

Awareness is up, but understanding remains low

But although awareness has increased markedly, understanding remains low. The research also found that there is a lack of clarity around what the term means, with only 15% stating that they know what the metaverse is and can explain it to someone else.

Despite being unable to explain the metaverse, consumers believe that it promises to impact our lives significantly. Among those who know what the metaverse is, two thirds believe it will be life-changing, with 74% stating that it is the future.

Emma Chiu, Global Director of Wunderman Thompson Intelligence and author of the reports, says: “As ever-greater portions of our lives move into the virtual realm, it’s becoming increasingly clear that the metaverse will be instrumental in our collective future, with our follow-up survey uncovering widespread expectation that the metaverse heralds enormous changes to almost all industries.”

Areas in which consumers are expecting to see innovation include entertainment – where 90% of respondents held this belief – followed by advertising and retail. Meanwhile, 85% believe the metaverse will impact the fashion industry and also the world of work.

Naomi Troni, Global Chief Marketing and Growth Officer at Wunderman Thompson, adds: “It’s critical that brands establish a roadmap for entry into the metaverse. However, there are concerns too around privacy, security and safety. So, while our latest findings indicate almost limitless opportunities for brands – enabling them to reimagine what their products, services and consumer engagement could and should look like – we must also enter this new world with care.”

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