Consumers of all ages were compelled to go online when the world stopped working in 2020. People of all ages were tethered to their digital devices in 2021 as new habits and social distancing requirements tethered them to their devices. The Metaverse Movement, a burgeoning development of a future internet characterised by shared 3D virtual spaces, is now being driven by consumers in 2022.
For example, TikTok and Roblox, two of the most popular 3D virtual environments for digital natives, continue to push online gaming and livestreaming into new realms.
However, the metaverse isn’t just attracting members of the younger generations. To stay connected to their communities and the rest of the world, Digital Seniors aged 60+ had to learn how to use digital platforms. E-commerce purchases and social networking have become more accessible to older consumers, who are joining the younger generation in the growing trend.
The growing metaverse benefits consumers
Connected platforms are helping older adults realise their full potential. Many grandparents are now using social media, video games, and ‘how to’ YouTube videos to interact with their digital native grandchildren. In addition, some people are embracing wearable tech and installing technology in their homes to help them with their daily routines, as well.
The most tech-savvy Digital Seniors are already donning AR/VR gear to interact with brands, their grandchildren, and one another in the expanding metaverse.
As a result, virtual reality (VR) companies targeting senior citizens have emerged. For example, Rendever, a company based in the United States, provides virtual reality equipment to senior living facilities, allowing residents to enjoy immersive virtual entertainment and travel experiences.
How virtual worlds can be used to benefit brands
In the top income bracket (USD250,000), people aged 60+ account for nearly a quarter of all households and are therefore a major target for businesses. By 2040, the 20-24-year-old population will be the wealthiest and most confident digital consumers in the world.
Businesses should tailor their physical hardware products and virtual goods and experiences to appeal to these affluent and affluent digital consumers.
Euromonitor International Voice of the Consumer: Lifestyles Survey is the source of this information
Increasingly, brands are turning to gaming and social media to reach potential new customers. Digital billboards and other advertising spaces are becoming increasingly popular. Virtual goods, such as NFTs, are being offered for sale by some companies.
In 2021, fashion and luxury brands like Gucci and Vans joined forces with the Roblox gaming platform. By offering virtual products for their avatars and hosting digital spaces where avatars can explore, congregate, and socialise, these brands were able to connect with consumers in new ways on the platform, which has 47 million daily active users.
Brands are gaining a foothold in the minds of influential gamers by launching these early efforts. To best represent their brand in the metaverse, they are also learning how to recreate the physical world’s interactions and emotions in a virtual setting.
What’s next for the Metaverse Movement and Digital Seniors?
Consumers of all ages will be able to access the metaverse as AR/VR capabilities improve and hardware costs fall. Immersive 3D social environments will entice users who are already adept at interacting with others online. Older people and those with physical limitations will also benefit from this technology.
To be successful in the metaverse, businesses must put their target audience first. Brand equity and revenue can be built in both the physical and virtual worlds if done correctly.
Interested in knowing more about 2022’s consumers?
Check out our Top 10 Global Consumer Trends 2022 report to get inspired by new consumer mindsets and shopping habits.