April 12th, 2023, Lesley Simeon
Ralph Lauren’s new store in Miami will accept cryptocurrency payments. The fashion retailer’s initiative to “combine digital innovation and immersive experiences” will see the brand collaborate with Bitcoin payment service provider BitPay to enable customers to make purchases using virtual currency like Bitcoin and Ether.
How likely are Ralph Lauren’s current customers to use cryptocurrency in the coming months?
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - Ralph Lauren’s consumers are significantly more likely than the general US population to use cryptocurrency in the next 12 months (62% vs. 31%).
In addition to enabling cryptocurrency payments in its new store, Ralph Lauren will also team up with web3 community Poolsuite to release co-branded NFTs. Existing Poolsuite members can use these tokens to attend an exclusive Ralph Lauren event as well as update their virtual avatars using the fashion retailer’s digital looks.
What do the fashion retailer’s consumers have to say about the metaverse and NFTs?
Profiles data reveals that 66% of Ralph Lauren’s customers agree with the statement that they are “confident they understand what the metaverse is” and they are more likely to say so than the general US population (47%). Similarly, they are also more likely to agree with the statement that “the metaverse is the future of online interaction” (59% vs. 36%).
Further, 57% of the retailer’s customers agree with the statement that “being able to own digital assets like NFTs, cryptocurrency, virtual property and land in the metaverse is a huge opportunity.” In comparison, 29% of the general population agrees with the statement.
Where 51% of Ralph Lauren’s customers agree with the statement that “cryptocurrencies are the future of online financial transactions”, 30% of Americans in general hold this view.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
Photo by André François McKenzie on Unsplash