November 30th, 2022, Samuel Tan
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 4 of this four-part article series – Minding the metaverse – we explore the latest YouGov RealTime Omnibus research in Singapore 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 3 article on the top factors in Australia that encourage and deter consumers from entering the metaverse here.
What factors most encourage Singaporeans to enter the metaverse?
Latest research from YouGov RealTime Omnibus shows that among consumers in Singapore who express interest in the metaverse, just under two in five say that reading media coverage on the metaverse and metaverse technology becoming more affordable would encourage them to enter this alternate reality (both 39%).
Around a quarter cite having friends who already use the metaverse as a pull factor to experience it for themselves (24%), while a fifth say bringing something from the real world into the metaverse would encourage them to visit the metaverse (20%). Notably, one in six say they do not intend to try it out themselves (16%), despite their interest.
When analysed by gender, men report greater enthusiasm in visiting the metaverse than women due to media buzz (44% vs 34%), technology required for accessing the metaverse becoming affordable (45% vs 33%), and wanting to bring something from the real world into the metaverse (23% vs 16%).
When analysed by generation, media coverage on the metaverse and more affordable technology for accessing the metaverse emerged as the two leading factors that would encourage Singaporean consumers of different ages to enter the metaverse.
However, affordable metaverse technology (44%) and needing to use the metaverse for one’s job (24%) are a significantly bigger factor for Millennials compared to other generations. For Gen Z consumers, being able to bring something from the real world into the metaverse (28%) is a significantly bigger pull factor relative to other generations.
What factors most deter Singaporeans from entering the metaverse?
When asked about what would limit their use of the metaverse, over three-fifths of Singaporean consumers who express interest in the metaverse say that concerns about their general privacy and safety would push them to limit their participation (54%).
Close to half of consumers also say that concerns about the lack of proper regulation overseeing activities in the metaverse (48%) and not having the right device to access the metaverse (48%) would limit their use of the metaverse.
When analysed by gender, no significant differences were found except for concerns about not having enough PC processing power to use the metaverse, which weighed more heavily on the minds of men (41%) than women (31%).
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, Millennials are significantly more concerned than other generations about incurring potential monetary losses when entering the metaverse (53% vs 30-44%).
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 3: What are the top factors in Australia 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.