Consumer awareness of the metaverse is rising rapidly, study finds

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.”