2023
9
UK Consumers and the Metaverse Market Report 2023
2023-04-30T04:02:19+01:00
OX1157489
2195
162960
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Report
en_GB
“The hype surrounding the metaverse has seemingly peaked, with technological limitations and cost pressures dampening excitement. Consumer awareness of metaverses remains low, with minimal numbers accessing metaverse platforms.

UK Consumers and the Metaverse Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay on top of the latest consumer attitudes towards the metaverse with our UK Consumers and the Metaverse Market Report. Our full report is packed with consumer-led market intelligence, the latest market trends, and information on market factors affecting the development of the metaverse to help you align your strategy with what your audience demands.

Our Report Discusses The Following Key Topics:

  • Background to the metaverse, who the key players are and the key features which will drive the metaverse experience.
  • Competitive strategies and launch activity of brands operating in the metaverse space.
  • Consumer awareness and use of popular metaverses and gaming platforms.
  • Implications of the Metaverse for different sectors, including music, fitness, fashion, and more.
  • Consumer associations with metaverses and comparable technologies.

UK Metaverse Market Report

Gaming metaverses are by far the most well-known and utilised by UK gamers. Outside of gaming platforms, adoption and awareness of the metaverse is low. However, on a more positive note for the metaverse, although awareness remains low it is growing. Since March 2022, there has been a 10% point decrease in consumers saying they have never heard of the metaverse.

  • Consumer behaviour in the Metaverse: Primarily, consumers are using smartphones or games consoles to access a metaverse.
  • Metaverse market challenge: 67% of UK consumers agree that shopping in a physical store is more appealing than shopping in virtual reality, highlighting a challenge for retailers in the metaverse.
  • Market opportunity for Metaverse: 26% of UK consumers agree that brands launching products in a metaverse gives them a reason to experience one.

UK Consumers and the Metaverse – What’s Next?

Despite significant barriers for the metaverse to overcome, brands can still find space to shine in immersive online spaces. However, there are issues around awareness and concerns about safety that will need to be addressed.

To learn more about how your business can leverage the metaverse and reach audiences through new and exciting ways, purchase our full UK Consumers and the Metaverse Market Report. For more metaverse market research, take a look at our UK Financial Services and the Metaverse Market Report, or explore our extensive technology market reports.

Popular Metaverse Platforms Covered in this Report

Meta Horizons, Meta Workrooms, Decentraland, The Sandbox, Fortnite, Roblox, Minecraft, Voxels World.

Expert Analyst from a Specialist in the Technology Sector

This report, written by Joe Birch, a leading technology analyst, delivers in-depth commentary and analysis to highlight current and future trends for the Metaverse in the UK.

The hype surrounding the metaverse has seemingly peaked, with technological limitations and cost pressures dampening excitement. Consumer awareness of metaverses remains low, with minimal numbers accessing metaverse platforms. For brands, the challenge is how to ignite experiences within metaverses that go beyond consumers’ habitual use of other digital channels, such as social media and video streaming

Joe BirchJoe Birch
Consumer Technology Analyst

Table of Contents

  1. Overview

      • Key issues covered in this Report
        • Products covered in this Report
          • The metaverse
            • Meta
              • Decentraland
                • Sandbox
                  • Fortnite/Roblox/Minecraft
                    • NFTs
                      • Blockchain
                        • Some key features will power the metaverse experience
                          • Interoperability
                            • Decentralisation
                              • Persistency
                                • Spatiality
                                • Executive Summary

                                    • The bold vision of the metaverse will take time to become practical reality
                                      • Figure 1: Category outlook, 2023-27
                                    • The market
                                      • Ownership of VR headsets has been static for several years
                                        • Figure 2: Ownership of gaming hardware, 2018-23
                                      • Brands are still pushing innovations in the headset and hardware space
                                        • New hardware and software will need to be developed for true immersive metaverses to be realised
                                          • Search trends on Google have declined since Meta’s 2021 rebrand
                                            • Figure 3: Google searches for the word “metaverse”, 2021-23
                                          • Companies and brands
                                            • Microsoft’s planned Activision Blizzard acquisition could power its metaverse ambitions
                                              • Epic Games reportedly raises $2bn for metaverse ambitions
                                                • Smart TV metaverse experience could change the way content is experienced
                                                  • Brands across sectors experiment with metaverse and AI technologies
                                                    • The consumer
                                                      • Outside of gaming platforms, awareness of metaverse platforms is low
                                                        • Figure 4: Awareness of metaverse platforms, 2022
                                                      • Metaverse platforms need to find what their purpose is
                                                        • Figure 5: Usage of metaverse platforms, 2022
                                                      • Whilst many have heard of the metaverse, in depth knowledge is sparse
                                                        • Figure 6: Awareness of the metaverse, 2022
                                                      • Newer mixed reality headsets could create further gateways to metaverse experiences
                                                        • Figure 7: Devices used to access a metaverse, 2022
                                                      • Newer online experiences appeal to those already in the metaverse ecosystem
                                                        • Figure 8: Online activities taken part in, past 12 months, 2022
                                                      • Whilst consumers see the metaverse as cutting edge, it is also seen as confusing and unnatural
                                                        • Figure 9: Correspondence analysis, December 2022
                                                      • The metaverse experience is up for grabs
                                                        • Figure 10: Attitudes towards metaverses, 2022
                                                      • Go hands-free to boost metaverse vision and take-up
                                                        • Trial innovative and bold visions of product development
                                                          • Figure 11: Attitudes towards metaverses, 2022
                                                      • Issues and Insights

                                                        • Despite significant barriers for the metaverse to overcome, brands can still find space to shine in immersive online spaces
                                                          • Excitement around AI provides lessons and opportunities for the metaverse
                                                            • Focus on delivering experiences and making metaverses a natural part of life
                                                              • Build a safe place from the ground up to win trust
                                                              • Market Background

                                                                • The bold vision of the metaverse will take time to become practical reality
                                                                  • Figure 12: Category outlook, 2023-27
                                                                • Facebook changes its name to Meta and focuses its ambitions on the metaverse
                                                                  • Ownership of VR headsets has been static for several years
                                                                    • Figure 13: Ownership of gaming hardware, 2018-23
                                                                  • Planned purchasing of headsets falls a couple of percentage points from post-Meta hype
                                                                    • Figure 14: Planned purchases of gaming technology products, 2019-23
                                                                  • Search trends on Google have declined since Meta’s 2021 rebrand
                                                                    • Figure 15: Google searches for the word “metaverse”, 2021-23
                                                                  • Conversation on social media continues in the aftermath of Facebook’s relaunch as Meta
                                                                    • Figure 16: UK mentions of the metaverse on social media, 2021-23
                                                                  • Disney’s metaverse plans lose their magic, as AI capabilities become talk of the town
                                                                    • Long-term vision for headset-free metaverse can still embellish real world experiences
                                                                      • New hardware and software will need to be developed for truly immersive metaverses to be realised
                                                                      • Market Context

                                                                        • Meta lowers price of VR headset to attract new entrants
                                                                          • Apple and Samsung mixed reality headset rumours can provide clues to next generation metaverse interfaces
                                                                            • Sony looks to games and sports tie-ups for its metaverse ambitions
                                                                              • Google looks to Glass 2.0 to as an interface for the metaverse …
                                                                                • … and looks to build digital tools to enhance consumers’ understanding of the real world
                                                                                • Competitive Strategies

                                                                                  • Microsoft’s planned Activision Blizzard acquisition could power its metaverse drive
                                                                                    • Epic Games reportedly raises $2bn to boost metaverse ambitions
                                                                                      • The digital real estate rush is on
                                                                                        • New developer tools can help realise metaverse visions
                                                                                        • Implications of the Metaverse for Different Sectors

                                                                                          • Music and the metaverse
                                                                                            • Sport and the metaverse
                                                                                              • Fitness and the metaverse
                                                                                                • Fashion and the metaverse
                                                                                                  • Nikeland’s digital assets boost its revenues
                                                                                                    • Tiffany & Co launches a hybrid piece of jewellery and NFT
                                                                                                      • Figure 17: Tiffany & Co’s NFT campaign
                                                                                                    • Metaverse spaces act as a channel of engagement for fashion brands
                                                                                                      • Foodservice in the metaverse
                                                                                                        • Mental health and the metaverse
                                                                                                          • Financial services in the metaverse
                                                                                                            • Car retail in the metaverse
                                                                                                            • Launch Activity and Innovation

                                                                                                              • New tech showcased to help power the future metaverse
                                                                                                                • HTC and Sony also announce hardware geared for the metaverse
                                                                                                                  • Companies aim to bring sensory stimulation to metaverse experiences
                                                                                                                    • Dubai hosts world’s first metaverse horse race
                                                                                                                      • Smart TV metaverse experience could change the way content is experienced
                                                                                                                        • Smart contact lenses/AR lenses can overcome barriers to experience the metaverse
                                                                                                                        • Awareness and Usage of Online Platforms

                                                                                                                          • Outside of gaming platforms, awareness of metaverse platforms is low
                                                                                                                            • Figure 18: Awareness of metaverse platforms, 2022
                                                                                                                          • Females are more aware of gaming metaverses than males
                                                                                                                            • Figure 19: Awareness of metaverse platforms, by gender, 2022
                                                                                                                          • Gaming is the key way consumers are accessing metaverses
                                                                                                                            • Metaverse platforms need to find what their purpose is
                                                                                                                              • Figure 20: Usage of metaverse platforms, 2022
                                                                                                                          • Awareness of the Metaverse

                                                                                                                            • Whilst many have heard of the metaverse, knowledge is sparse
                                                                                                                              • Figure 21: Awareness of the metaverse, 2022
                                                                                                                            • Younger generations are the most knowledgeable about metaverses
                                                                                                                              • Majority of consumers say they have not accessed a metaverse
                                                                                                                                • Figure 22: Consumers’ access of metaverses, 2022
                                                                                                                              • Frequency of access to a metaverse
                                                                                                                                • Figure 23: Frequency of access to metaverses, 2022
                                                                                                                            • Devices Used to Access Metaverse

                                                                                                                              • Smartphone the key device consumers use to access a metaverse
                                                                                                                                • Newer mixed reality headsets could create further gateways to metaverse experiences
                                                                                                                                  • Put the metaverse on TV
                                                                                                                                    • Figure 24: Devices used to access a metaverse, 2022
                                                                                                                                • Online Activities

                                                                                                                                  • Modest engagement with Web 3.0 activities outside of younger male audiences
                                                                                                                                    • Figure 25: Online activities taken part in, past 12 months, 2022
                                                                                                                                    • Figure 26: Online activities taken part in, past 12 months, by generation, 2022
                                                                                                                                  • Newer online activities appeal to those already in the metaverse ecosystem
                                                                                                                                    • Crypto winter could help undermine the metaverse experience
                                                                                                                                    • Technology and Metaverse Associations

                                                                                                                                      • Whilst consumers see the metaverse as cutting edge, it is also seen as confusing and unnatural
                                                                                                                                        • Create a safe space from the ground up to ensure metaverses have legs
                                                                                                                                          • Create utility and excitement in digital spaces
                                                                                                                                            • Figure 27: Correspondence analysis, 2022
                                                                                                                                            • Figure 28: Consumers and the metaverse, December 2022
                                                                                                                                        • Attitudes towards Metaverses

                                                                                                                                          • The metaverse experience is up for grabs
                                                                                                                                            • Content is key to attract consumers to virtual spaces
                                                                                                                                              • Figure 29: Attitudes towards metaverses, 2022
                                                                                                                                            • Trial innovative and bold visions of product development
                                                                                                                                              • Give consumers ways to express their online selves
                                                                                                                                                • Figure 30: Attitudes towards metaverses, 2022
                                                                                                                                              • Hardware barriers persist for experiencing metaverses
                                                                                                                                                • Figure 31: Attitudes towards metaverses, 2022
                                                                                                                                              • Go hands-free to boost metaverse vision and take-up
                                                                                                                                              • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                                                                                                • Correspondence Analysis – Consumers and the Metaverse – UK – March 2023

                                                                                                                                                  • Methodology
                                                                                                                                                    • Abbreviations
                                                                                                                                                      • Consumer research methodology

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