Australian millennials and zoomers are below the APAC average of 66% in their anticipation of the Metaverse, with only 50% reporting an interest in this immersive digital world. In the Asia-Pacific region, 73% of consumers are aware of the term metaverse, while 59% of Australian consumers have some understanding of its concept. Despite this, only a small fraction of these individuals have expressed any interest in the metaverse.
The hype around the metaverse has been building, but the expectations of consumers remain largely unknown. Recent research reveals an array of driving forces propelling people to enter these digital realms. Zoe Cocker, Director of Innovation and Creative Studio at Yahoo, highlighted the importance of understanding consumer expectations in the metaverse, remarking that brands that cater to such interests will have a tremendous advantage
Current Trends in Metaverse
Millennials and Zoomers in Australia have a strong interest in the metaverse, mainly stemming from gaming. They seek to create diverse social circles, express their creativity through avatars and virtual fashion, and seek out engaging experiences. Almost one-third of millennials and Gen Z in APAC have accepted virtual collectibles, with over a quarter in Australia having already researched NFTs and 9 percent making a purchase.
APAC consumers appear to be highly receptive to brands that are active in the metaverse. According to Yahoo, approximately 60 percent of millennials and Gen Z across APAC have expressed an interest in learning more about brands that are operating in the metaverse, as well as paying attention to their products and events.
Having said that, almost two-thirds of APAC consumers voiced their worries about fraud and the security concerns of their privacy and personal information in the metaverse. Additionally, 57% cited the lack of moral and legal norms as a concerning factor. It is clear that APAC consumers are exhibiting a high degree of caution when engaging in metaverse transactions online.