Metaverse: Growth of the sales market in the Metaverse?

68% of respondents aged 14-39 are looking forward to a new identity in the metaverse.
(Image: dpa picture alliance Philipp von Ditfurth)

Since its origin in 1992 in the science fiction novel “Snow Crash” by Neal Stepherson, the number of metaverses has grown to around 10,000 virtual worlds. The Metaverse provides a large projection surface for all the desires, hopes, and consumption needs of people in the real world. There are basically three types of consumption: Interested parties can choose between buying physical products, services or purely digital products. The purchase of “physical goods” takes place in a virtual space and these are delivered quickly to the real address of the customer.

Physical products have increased demand in the metaverse

About half of the 2,000 Germans surveyed between the ages of 14 and 39 are willing to buy products and services in the metaverse. As KPMG and the Sinus Institute found in their study “Metaverse: (Un)known World?”, most participants (61%) can imagine buying clothes or shoes. Interest in buying electrical appliances as well as furniture and decorative items is just behind, at 59%. At least half of those surveyed are still interested in buying cosmetics, drugstore items, and DIY supplies in the Metaverse. Even grocery stores still find potential customers at 43%.

Differences in willingness to purchase services

When purchasing services, the metaverse is linked to the real world. That way, if you’ve acquired cooking instructions, you practice the preparation in a virtual cooking class, and then you can cook it in real life. Among the services, cooking instructions and continuing education courses are the most popular with 58% of respondents. At least 46% can still imagine buying style advice on fashion or home furnishings. Among services, the least interest in purchasing is with 35% for dating offers and financial investment advice.

Attractiveness of products and services in the metaverse

Source: KPMG AG Wirtschaftsprüfung & Sinus-Institut 2022

Cautious interest in digital products

Under the virtual goods, for example, clothes for one’s own avatar can be purchased or furniture and decorative items for the living environment in the metaverse. Considering that this type of consumption has only been around for a short time, almost one in three people are ready to buy digital clothes and shoes.

The survey results show that both known and new brands have the opportunity to establish themselves in the metaverse. Known brands have the advantage of a leap of faith. New brands, on the other hand, can specialize in digital and unique products,”

says Stephan Fetsch, partner and head of retail at KPMG.

According to the Metaverse market growth forecast, it can be expected that demand in all three product groups will continue to increase among younger target groups. Currently, nearly 80% of respondents have made purchases online in the last year, but less than half are interested in shopping in the metaverse. Colette Lala, Sector Manager Retail at KPMG, sees “against the growing popularity of the Metaverse, there is enormous potential for trading goods and services in the Metaverse, always provided the right target groups are reached”.

The full results of the “Metaverse: (Un)known World? can be downloaded from this link after providing your details.

survey method

online survey

Target group interviewed

People aged 14 to 39

sample/quote

N = 2,071 respondents

field time

April 25 to May 09, 2022

survey

Duration of the survey: about 20 min

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