By 2035, the metaverse – an interoperable network of 3D virtual worlds in which people can interact in real-time – will contribute between US$0.8 – US$1.4 trillion per to Asia’s GDP (roughly 1.3-2.4% of overall GDP), according to recent analyses from Deloitte.
But what are the top reasons which drive consumers to want to enter the metaverse? And, conversely, what are the main factors which discourage consumers from wanting to do so?
In Part 3 of this four-part article series – Minding the metaverse – we explore the latest YouGov RealTime Omnibus research in Australia on these questions around the pull and push factors for entering the metaverse.
- Read our Part 1 article on how consumer awareness and perceptions of the metaverse, and associated brands – vary among Australia and Singapore consumers here.
- Read our Part 2 article on what are Australian and Singaporean consumers are most interested to do in the metaverse here.
- Read our Part 4 article on the top factors in Singapore that encourage and deter consumers from entering the metaverse here.
What factors most encourage Australians to enter the metaverse?
Latest research from YouGov RealTime Omnibus shows that among consumers in Australia who express interest in the metaverse, just under half say that they would be encouraged to enter the metaverse as the technology required to access it becomes more affordable (48%).
Around two-fifths also say that reading media coverage on the metaverse encourages them to try it out (41%), while around a third cite having friends who already use the metaverse as a pull factor to experience it for themselves (32%). Notably, one in ten say they do not intend to try out the metaverse themselves (10%), despite their interest.
When analysed by gender, men report greater enthusiasm in visiting the metaverse than women due to media buzz (43% vs 39%), having friends who already use the metaverse (34% vs 28%), and wanting to bring something from the real world into the metaverse (28% vs 20%).
When analysed by generation, more affordable technology for accessing the metaverse and media coverage on the metaverse emerged as the two leading factors that would encourage Australian consumers of different ages to enter the metaverse.
However, affordable metaverse technology is a significantly bigger factor for Gen Z and Baby Boomer consumers (54%) compared to Millennial and Gen X consumers (45-46%). Being able to bring something from the real world into the metaverse is a significantly bigger pull factor for Millennials compared to other generations, while a larger proportion of younger Gen Z and Millennial consumers (37-38%) say that having friends that already use the metaverse would encourage them to explore this world, compared to older Gen X and Baby Boomer consumers (15-30%).
What factors most deter Australians from entering the metaverse?
When asked about what would limit their use of the metaverse, over half of Australian consumers who express interest in this world say that concerns about their general privacy and safety was a relevant factor (54%).
At least two in five consumers also say that concerns about potentially losing their money/cryptocurrencies in the metaverse due to theft/devaluation/inaccessibility (42%) and lack of proper regulation overseeing activities in the metaverse (40%) would limit their use of the metaverse.
When analysed by gender, women are significantly more likely than men to limit their metaverse participation due to concerns about general privacy and safety (60% vs 50%), potential monetary loss (49% vs 36%), lack of proper regulation (48% vs 35%), potential addictiveness of metaverse (38% vs 30%) and not having a crypto wallet to make purchases within the metaverse (32% vs 24%).
On the other hand, men are more likely than women to limit their metaverse participation due to hardware concerns, such as not having a fast enough internet connection speed (38% vs 30%) and not having enough PC processing power to use the metaverse (28% vs 24%).
When analysed by generation, concerns about general privacy and safety are undisputedly the top issue that gives consumers across age groups pause for stepping into the metaverse.
However, lack of proper regulation (42%) and potential monetary losses (42%) weigh on the minds of a significantly larger proportion of Millennials compared to other generations, while for Gen Z, hardware concerns such as not having a fast enough internet connection speed (36%) and not having enough PC processing power to use the metaverse (33%) are a larger push factor relative to other generations.
Notably, younger Gen Z and Millennial consumers are also significantly more worried about the potential addictiveness of participating in metaverse activities (34-36%) compared to older Gen X and Baby Boomer consumers (16-27%).
Read YouGov’s latest research on consumer attitudes towards the metaverse in Australia and Singapore, in our four-part Minding the metaverse article series:
- Part 1: How do awareness and perceptions of the metaverse – and associated brands – vary among Australia and Singapore consumers?
- Part 2: How interested are consumers in entering the metaverse – and what are they most keen on doing there?
- Part 4: What are the top factors in Singapore that encourage and deter consumers from entering the metaverse?
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Methodology: YouGov RealTime Omnibus provides quick survey results from nationally representative or targeted audiences in multiple markets. This study was conducted online on 10 Nov 2022, with a nationally representative sample of 1,022 Australia residents and 1,021 Singapore residents, using a questionnaire designed by YouGov.
Australian data figures have been weighted by age, gender and region to be representative of all adults residing in Australia (aged 18+) and reflect the latest Australian Bureau of Statistics (ABS) population estimates. Singapore data figures have been weighted by age, gender and ethnicity to be representative of all adults residing in Singapore (aged 18+) and reflect the latest Singapore Department of Statistics (DOS) estimates. Learn more about YouGov RealTime Omnibus.