Fashionably early: Measuring interest for retail fashion in the metaverse

For years now, two types of retail have dominated how consumers shop for goods and services. Consumers nowadays enjoy the convenience of online shopping and the tangible experience of in-store shopping, but retailers may soon have to add another layer of shopping to their omni-channel structure: virtual spaces in the metaverse.

The metaverse represents a virtual world where digital lives are played out via virtual reality, augmented reality, PCs, video game consoles and smart phones. Some experts refer to it as a 3D model of the internet with a digital economy of virtual goods and services - and the metaverse presents a unique opportunity for retail shopping.

In fact, several fashion brands are already placing stakes in the metaverse, including Balenciaga, Burberry, Dior, Forever 21, Gucci, Nike, and Zara.

New data from YouGov indicates there’s a fair amount of consumer interest in shopping for clothes, shoes, and jewelry in a virtual world: 19% of US adults say they are very or somewhat likely to browse for fashion in the metaverse.

As with many new technologies, it’s younger consumers who tend to be more eager to shop for fashion in the metaverse. A third of 18-34's (33%) say they are likely to browse for fashion items in the metaverse, making them the most likely age group to say so, followed by 23% of 35-to-54-year-olds and just 6% of those aged 55 and over.

While there are no meaningful differences between men and women in terms of propensity to browse for clothing and apparel in the virtual world, the data reveals that US adults who live in a household earning more than $80,000 a year are more likely than other income brackets to say they would do so (23% vs. 19% of all US adults). This could be a reassuring finding for luxury brands that chose to experiment and participate in the advent of the metaverse.

There’s great appeal for both retailers and consumers in the metaverse especially since it straddles the benefits offered by online and physical shopping. With the holiday shopping season edging up earlier every year, now may be the time for many brands to measure the opportunity of a metaverse business strategy.