The Metaverse: A New Realm Of Opportunity For Hong Kong Marketers

People have had to change their lives to be more digital because of the pandemic. This has led to a huge rise in interest in the metaverse. As the metaverse continues to grow, it is important for marketers to understand who makes up this new virtual world and what they are looking for. Yahoo recently conducted a survey of 15,000 respondents across Australia, New Zealand, Japan, Taiwan, Hong Kong, and Singapore, to gain insights on what consumers in the APAC region want from the metaverse. In this article, we will explore the survey results specifically for Hong Kong and outline the trends that can help marketers create successful campaigns in the metaverse.

GenZ and Millennials are the Main Drivers of the Metaverse in Hong Kong

According to the survey, most Hong Kong consumers are aware of the metaverse, with the metaverse generation, including millennials and Gen Z, making up more than half of those who are aware of it. Regarding virtual social communities, avatars, immersive entertainment, creative freedom, individuality, and commerce in the metaverse, this group has different expectations and viewpoints. When developing campaigns for the metaverse generation, marketers should be aware of these variations and refrain from using a one-size-fits-all strategy.

GenZ and Millennials Want Different Things from the Metaverse

The survey also found that GenZ and Millennials have different expectations of the metaverse. GenZ is looking for an immersive 3D world that is easy to shape, to break the rules, create equality and diversity, and foster social connections through digital avatars. Millennials, on the other hand, see the metaverse as a more straightforward way to build meaningful relationships and find entertainment and enhanced experiences that the physical world cannot provide. Therefore, marketers need to tailor their campaigns to the different expectations of these two groups.

Different Realities for Digital Avatars

When making avatars, both Generation Z and Millennials want real sensory experiences and no limits on their creativity. In contrast to Millennials, who want to wear the branded clothing and accessories they adore in real life, Gen Z has a much higher demand for creativity as they hope to explore their identities in the metaverse.

The Allure of Digital Assets

According to the survey, Gen Zers spend one-fifth of their “fun budget” on items from the metaverse, demonstrating that today’s youth have a great deal of faith in the digital world. The highest rate among the surveyed APAC regions was found in Hong Kong, where 48% of the metaverse generation have expressed interest in NFTs and 14% have already made a purchase. For the metaverse generation, the most important things are digital items like profile pictures, gaming items, limited-edition cards, music, and videos that can be shared with the community and have investment potential.

Brands in the Metaverse

62% of APAC metaverse users have already taken part in one or more branded virtual experiences. This shows that consumers in the metaverse are open to these experiences. The study also discovered that 45% of respondents said they would have a more positive opinion of the company if a brand campaign included the metaverse in its advertising or marketing activities. As a result, brands need to catch up in terms of knowledge, security, and experience when designing the consumer journey for the metaverse.

A Safer Metaverse Required

Consumers in the metaverse continue to place a high priority on safety and security. According to the survey, more than 60% of respondents worry about fraud and have trouble keeping their personal information and privacy secure. In order to ensure that users maintain their peace of mind, the industry must consider tougher enforcement, better regulations, and accountability when designing their campaigns.

Also read: The Metaverse and the Future of Job Interviews: A Virtual Reality Revolution in Recruitment

The metaverse is a new and exciting world for marketers, but it is crucial to understand the differences in expectations between GenZ and Millennials. Marketers must tailor their campaigns to suit the unique needs of each group, from avatar creation to the type of digital assets they seek. Brands also need to be adept in crafting their metaverse consumer journey to ensure that they meet their customers’ expectations and provide them with new and exciting experiences.