Description

Stay ahead of the curve and future-proof your business with Mintel’s US Retailing in the Metaverse Market Report 2023. Our full report is packed with consumer-led market intelligence, metaverse retail research, trends and consumer behaviors affecting your business. Get a 360° view of retailing in the metaverse to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analyzed in the full report and summarized the core topics. 

Topics Analyzed in this Report

  • Consumers’ knowledge of and experience with metaverse retail.
  • Motivations to access and/or interact with brands and retailers in the metaverse.
  • Categories of interest for metaverse experiences.
  • Barriers to accessing the metaverse and attitudes toward shopping in the metaverse.
  • Future potential for retailing in the metaverse.

Metaverse Retail: Overview

By now most consumers have heard of the metaverse, but usage remains low and interest has undoubtedly waned. Still, the potential for ecommerce is palpable. While consumers are more skeptical than they are excited, few have actually made a purchase in the metaverse. However, the barriers remain steep amid privacy concerns, distrust in cryptocurrency and a lack of clarity on both the benefits and the technology.

  • Metaverse retail opportunity: 62% agree that the metaverse has the potential to improve the ecommerce experience.

Retailing in the Metaverse: Opportunities and Challenges

Desire for immersive shopping experiences

While few consumers have actually shopped in the metaverse, a growing number of consumers are interested. Beyond the transactional, they are also eager to discover new products and brands and explore interactive content, giving brands fertile ground to craft new experiences and foster deeper relationships.

  • Metaverse retail opportunity: 49% of consumers are interested in shopping in the metaverse.

Barriers present a challenge

Adoption remains low amid high barriers. Nearly half of adults are concerned about privacy and security, while more than a third are opposed to using cryptocurrency. Others are uncertain how to access the metaverse or what technology is needed. Further education is needed to engage and convince consumers.

  • Metaverse retail challenge: 67% of consumers are concerned that users will lose touch with reality.

To learn how to connect with your audience, purchase our full US Retailing in the Metaverse Report 2023.  Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.

Active Brands in the Retail Metaverse

Kraft Heinz, Sephoria, Nike, Vogue, NYX Cosmetics, Bigthinx, Forever 21, Walmart.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports. 

Expert Insights from a Retail Analyst

This report, written by Brittany Steiger, a leading retail analyst, delivers in-depth commentary and analysis to highlight metaverse retail trends and add expert context to the numbers.

The future of the metaverse remains unclear, but consumers can see the potential to evolve the ecommerce experience, giving retailers and brands room to experiment.

Brittany Steiger, Senior Analyst - Retail & eCommerce

Brittany Steiger
Senior Analyst – Retail & eCommerce Reports

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

  2. Consumer Insights

    • Consumer fast facts
    • Understanding the metaverse
    • Metaverse awareness and interest
    • Graph 1: metaverse knowledge and awareness, 2023
    • Graph 2: awareness and knowledge of the metaverse, by generation, 2023
    • Graph 3: metaverse knowledge and awareness, by gender and age, 2023
    • Graph 4: Google search trends for the term “metaverse,” 2021-23
    • Accessing the metaverse
    • Graph 5: access of the metaverse, by gender and age, 2023
    • Graph 6: reasons for having accessed the metaverse, 2023
    • Graph 7: reasons for accessing the metaverse, by gender and age, 2023
    • Graph 8: devices currently used to access the metaverse, current metaverse users by generation, 2023
    • Graph 9: reasons consumers would consider accessing the metaverse, 2023
    • Graph 10: reasons consumers would consider accessing the metaverse, by generation, 2023
    • Interacting with brands in the metaverse
    • Graph 11: motivations to engage with brand and retailers in the metaverse, 2023
    • Graph 12: motivations to engage with brands and retailers in the metaverse, by generation, 2023
    • Graph 13: motivations to engage with brands/retailers in the metaverse, by race or Hispanic origin and sexual identity, 2023
    • Categories of interest
    • Graph 14: categories of interest for metaverse experiences, 2023
    • Graph 15: interest in metaverse experiences across select categories, by gender, 2023
    • Graph 16: interest in metaverse experiences across select categories, by gender, 2023
    • Graph 17: interest in travel-related metaverse experiences, by generation, 2023
    • Shopping in the metaverse
    • Graph 18: attitudes toward shopping in virtual worlds/reality, by generation, 2023
    • Graph 19: purchase history of metaverse users, 2023
    • Graph 20: metaverse purchases in the past 12 months by current users, 2023
    • Graph 21: motivations and attitudes toward shopping in the metaverse, by generation, 2023
    • Graph 22: technologies used for online shopping, 2023
    • Barriers toward the metaverse
    • Graph 23: barriers to accessing the metaverse, 2023
    • Graph 24: barriers to accessing the metaverse – privacy/security, by generation, 2023
    • Attitudes toward the metaverse
    • Graph 25: attitudes toward the future of the metaverse, 2023
    • Graph 26: attitudes toward the future of ecommerce in the metaverse, 2023
    • Graph 27: concerns about the metaverse, by generation, 2023
    • Graph 28: attitudes toward the future of the metaverse, by parental status, 2023
    • Graph 29: select attitudes toward the metaverse, by parental status, 2023
  3. Competitive Strategies

    • Metaverse activations
    • Opportunities
  4. The Market

    • Market context
    • Market drivers
    • Graph 30: GDP change from previous period, Q1 2007-Q2 2023
    • Graph 31: Consumer Price Index change from previous period, 2007-23
  5. Appendix – the market

  6. appendix – the consumer

    • Graph 32: online shopping frequency, by generation, 2023
    • Graph 33: technology experience and interest, 2023
    • Graph 34: any experience and interest with technology (net), 2023

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

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