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 proportion of consumers are aware of the metaverse – how many are confident of describing what it is? And which brands do consumers most associate with the metaverse?
In Part 1 of this three-part article series – Minding the metaverse – we explore the latest YouGov RealTime Omnibus research in Australia and Singapore on these questions around consumer awareness and perceptions of the metaverse.
- 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.
- Read our Part 4 article on the top factors in Singapore that encourage and deter consumers from entering the metaverse here.
What proportion of Australians and Singaporeans are aware of the metaverse?
Latest research from YouGov RealTime Omnibus shows that around two in three consumers in Australia and Singapore say that they have heard of the term “metaverse” (65% and 69% respectively). Awareness of the metaverse is higher among males than females across both markets: three-quarters of Australian and Singaporean men (75-76%), compared to over half of Australian women (56%) and two-thirds of Singaporean women (62%).
Unsurprisingly, awareness of the metaverse is also higher among younger than older consumers. More than four in five Gen Z and Millennials, across both markets, say they have heard of the term (80-88%). In contrast, over two-thirds of Gen X (69%) and under half of Baby Boomers (45%) in Australia say the same, while in Singapore about three in five of Gen X and Baby Boomers have heard of the concept (59-60%).
How confident are Australians and Singaporeans of describing the metaverse?
About a third of consumers in Australia say they are very or fairly confident of being able to describe the metaverse to a friend (34%), while over a quarter of consumers in Singapore say the same (29%).
When analysed by age, Millennials in Australia have the most confidence in explaining what the metaverse is (56%), followed by Gen Z (35%), Gen X (33%) and finally Baby Boomers (12%).
Over in Singapore, close to two-fifths of Gen Z and Millennials (37%-39%) are confident in explaining what the metaverse is, compared to 27% of Gen X and 20% of Baby Boomers.
How do Australians and Singaporeans perceive the metaverse?
Over half of consumers in both Australia (51%) and Singapore (53%) view the metaverse as a virtual world where people can be free to be anyone and do anything they want.
On the other hand, consumers who think that the metaverse is a virtual world quite similar to the real world make up two in seven in Australia (28%) and a third in Singapore (33%), while those who think the metaverse is a constellation of lots of different worlds make up a quarter in Australia (26%) and two in seven in Singapore (28%).
Notably, a third of Australian consumers believe that the metaverse is being built and controlled by Facebook (32%) as do two in seven of Singaporean consumers (27%).
In terms of the economic potential of the metaverse, consumers who view it as a virtual environment where buying and selling of things using cryptocurrencies takes place stand at 28% in Australia and 30% in Singapore. Additionally, around a quarter of consumers in Australia (25%) and Singapore (26%) see an opportunity to earn money and make a living in the metaverse.
Which brands do Australians and Singaporeans most associate with the metaverse?
Participation in the metaverse will be enabled by technology such as 5G high-speed networks and virtual and augmented reality headsets and glasses. When asked about brands they were aware of having expertise in or developing products for use in the metaverse, USA’s Apple and South Korea’s Samsung were the two brands consumers in Australia (both 29%) and Singapore (both 28%) were most likely to select, followed by China’s Huawei (11-13%).
The brands consumers next most associated with the metaverse in Australia are Japan’s Sharp (9%), Taiwan’s HTC (8%) and China’s DPVR (5%), and in Singapore they are Taiwan’s HTC (4%), Japan’s Sharp (3%), and China’s DPVR (5%).
Notably, over half of consumers in Australia and Singapore (55%) say they are not aware of any brands having expertise or developing products for use in the metaverse.
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 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?
- Part 4: What are the top factors in Singapore 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.