Gen Z and Millennials Different Expections From Metaverse
A recent Yahoo survey delved into consumer expectations in the rapidly expanding metaverse landscape. The study collected responses from 15,000 users across the APAC region, including Australia, New Zealand, Japan, Taiwan, Hong Kong, and Singapore.
The results revealed that 73% of APAC consumers are aware of the metaverse, with 66% of Millennials and Gen Z in the region eager to explore it.
Defining Millennials and Gen Z
Born between 1981 and 1996, Millennials and Generation Z, born from 1997 to 2012, are both considered digital natives, having grown up with the internet.
Interestingly, these two groups have different expectations and ambitions for the metaverse.
Gen Z’s Vision for the Metaverse
Gen Z desires new social connections, rule-breaking, wealth, and personal dream fulfillment in the metaverse. Customization is essential for them, with over 90% valuing the ability to create their own characters, items, and spaces.
Millennials’ Metaverse Expectations
In contrast, Millennials prioritize enhancing experiences and seeking life-like interactions, such as gaming and attending virtual concerts. While Gen Z prefers avatars that resemble their real-life appearance with digital enhancements, Millennials tend to choose avatars that differ significantly from their actual appearance.
Further, Millennials are more likely to outfit their avatars with real-world branded apparel and accessories.
The Growing Impact of Non-Fungible Tokens (NFTs)
NFTs have become a cornerstone of the metaverse, with numerous brands tokenizing goods for use in digital worlds. The Yahoo report indicated that APAC users have embraced virtual collectibles, with one-third having researched NFTs and one-in-ten having purchased an NFT in the past.
Privacy and Adoption Concerns
Although existing metaverses have been questioned regarding user privacy, the Yahoo survey found that 61% of respondents expressed concerns about preserving privacy and protecting personal information. Further, 57% cited the absence of moral and legal norms as a concern.
When considering barriers to adoption, users cited the expense of metaverse equipment, such as headsets, as a primary concern.
Wider Implications and Future Developments
The Yahoo survey included participants aged 13 to 65 from various APAC markets, reflecting the growing interest in understanding consumer desires and doubts about the evolving metaverse sector.
For example, PwC’s 2022 US Metaverse Survey revealed that 82% of executives expected metaverse plans to be integrated into their business activities within the next three years.
In conclusion, as the metaverse continues to evolve, marketers must adapt their strategies to cater to the unique perspectives and desires of both Gen Z and Millennials.
With ongoing studies and surveys, we can better understand how to shape the metaverse to meet the diverse expectations of these digital natives.
