Almost half of UK consumers think the metaverse will become widely used in the next 10 years

More than a third of consumers have positive opinions of the metaverse (37%) and just under a third (31%) have negative opinions of the metaverse, but almost a third (32%) don’t know enough to form an opinion or have no opinion.

Ian West, Head of Technology and Alliances at KPMG UK, said:

“Perceptions of the metaverse from UK consumers seem broadly positive but there is more to be done by those who seek to pursue metaverse applications to persuade potential customers of its benefits. One of the main issues with the metaverse is that there is a lot of confusion around what it is. Some people argue it’s been around for years through things like gaming headsets, so being clear around what a metaverse future looks like will not only help consumer confidence, but business confidence too.”

The views of UK consumers correlate to those of global technology, media and telecoms (TMT) executives, based on a separate KPMG study conducted by Forrester Consulting. TMT leaders’ metaverse investment strategies shift looking through a long-term lens. Over the next five to 10 years, 84% of respondents said they plan to increase or maintain their investments in the metaverse. Most of the global TMT survey respondents do not believe that the main metaverse use cases are likely to go mainstream for at least four years – and many feel they may take as much as 10 years or longer.

According to the consumer polling, over a third of consumers said they would use the metaverse for entertainment and over a quarter said they’d use it for education. Consumers were least likely to use the metaverse for socialising.

When asked whether they would shop in person, online or in a virtual reality store, over 50% of consumers said they would do at least a little bit of their shopping virtually over in person or online.

Younger consumers are more optimistic about the metaverse and keener to use it for activities than the older age groups. Two thirds of 18 to 24 year olds have a positive opinion about the metaverse along with over 50% of 25-34 year olds. Only 18% of 18 to 24 year olds have a negative opinion, compared to 42% of 55 to 64 year olds.

West continued:

“There is clearly some interest from consumers when it comes to the metaverse but businesses need to think about their audience and end goals when creating their metaverse strategies to set themselves up for success. If they can link it to a measurable return on investment – and they address their customers’ demands through the technology then we are likely to see a successful metaverse. Ultimately for the metaverse to become a success, it needs to convince a mass audience. Businesses can invest in the technologies but unless there is customer demand for it, it won’t be as successful as the potential it holds.”

-ENDS-  

For media enquiries, please contact:   

Heather Gilchrist – Media Relations Manager, KPMG UK
T: +44 (0) 161 246 4060
E: heather.gilchrist@kpmg.co.uk

KPMG UK Media Relations Team:
T: +44 (0) 207 694 8773

KPMG UK worked with OnePoll to survey 3000 UK adults (nationally representative) between March 15 and 21.

Context provided: The metaverse is a virtual, immersive world in which users can interact with a computer-generated environment and other users.  

1. What are your thoughts on the Metaverse?                  

• Very positive:                                               12%      
• Fairly positive:                                              25%      
• Fairly negative:                                             18%      
• Very negative:                                              13%      
• I don’t know/ no opinion:                          32%                               

2. What would you be open to using the Metaverse for?                            

• Entertainment:                                            36%      
• Education:                                                    29%      
• Shopping:                                                     23%      
• Work:                                                            19%      
• Socialising:                                                    15%      
• Nothing in particular:                                 45%                                                  

3. If you had the option of shopping in a virtual reality store, physically or online, how much of your shopping would you do virtually?                      

• All:                                                                  7%        
• Some:                                                            24%      
• A little:                                                           23%      
• None:                                                             29%      
• Not sure:                                                       17%                                  

4. How long do you think it will take for the Metaverse to become widely used?                 

• Less than a year:                                          2%        
• 1-3 years:                                                      10%      
• 3-5 years:                                                      18%      
• 5-10 years:                                                    17%      
• 10-20 years:                                                 7%        
• 20+ years:                                                     4%        
• Not sure:                                                       28%      
• It won’t ever become widely used:          14%      

Results by age                     

How old are you?
	%	n
18 to 24	10% ↓	297
25 to 34	17%	510
35 to 44	16%	489
45 to 54	17%	513
55 to 64	16%	475
65 and over	24% ↑	716
Total sample; base n = 3000
1. What are your thoughts on the Metaverse?
		How old are you?
Column %	Total	18 to 24	25 to 34	35 to 44	45 to 54	55 to 64	65 and over
Very positive	12%	31% ↑	20% ↑	11%	3% ↓	5% ↓	11%
Fairly positive	25%	36% ↑	31% ↑	29% ↑	27%	12% ↓	19% ↓
Fairly negative	18%	13% ↓	14% ↓	20%	20%	26% ↑	15% ↓
Very negative	13%	5% ↓	7% ↓	8% ↓	17% ↑	16%	19% ↑
I don’t know/ no opinion	32%	15% ↓	28%	32%	33%	42% ↑	36% ↑
2. What would you be open to using the Metaverse for? [Select all that apply]
		How old are you?
Column %	Total	18 to 24	25 to 34	35 to 44	45 to 54	55 to 64	65 and over
Entertainment	36%	44% ↑	47% ↑	41% ↑	34%	32%	25% ↓
Education	29%	46% ↑	37% ↑	31%	25% ↓	22% ↓	23% ↓
Shopping	23%	24%	26%	22%	25%	21%	21%
Work	19%	39% ↑	21%	18%	16%	15% ↓	14% ↓
Socialising	15%	25% ↑	20% ↑	12%	16%	14%	10% ↓
Nothing in particular	45%	19% ↓	31% ↓	39% ↓	50% ↑	54% ↑	60% ↑
3. If you had the option of shopping in a virtual reality store, physically or online, how much of your shopping would you do virtually?
		How old are you?1
Column %	Total	18 to 24	25 to 34	35 to 44	45 to 54	55 to 64	65 and over
All	7%	22% ↑	10% ↑	6%	3% ↓	3% ↓	6%
Some	24%	34% ↑	40% ↑	28% ↑	17% ↓	13% ↓	19% ↓
A little	23%	28% ↑	23%	26%	25%	25%	16% ↓
None	29%	10% ↓	13% ↓	20% ↓	38% ↑	39% ↑	40% ↑
Not sure	17%	6% ↓	14%	20%	17%	21% ↑	19%
4. How long do you think it will take for the Metaverse to become widely used?
		How old are you?
Column %	Total	18 to 24	25 to 34	35 to 44	45 to 54	55 to 64	65 and over
Less than a year	2%	8% ↑	3%	2%	1% ↓	1%	2%
1-3 years	10%	18% ↑	16% ↑	8%	6% ↓	7%	8%
3-5 years	18%	31% ↑	23% ↑	16%	17%	12% ↓	14% ↓
5-10 years	17%	16%	18%	18%	15%	19%	17%
10-20 years	7%	8%	5%	7%	8%	7%	9%
20+ years	4%	3%	3%	4%	5%	5%	3%
Not sure	28%	10% ↓	21% ↓	31%	30%	34% ↑	31%
It won’t ever become widely used	14%	6% ↓	11%	13%	19% ↑	14%	17%

                                       

About the global KPMG TMT survey conducted by Forrester

Want to win in the metaverse? Think internal first - KPMG Global

Base: 767 Global strategy decision makers at companies with $250M+ in annual revenue

Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, December 2022

About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.