KPMG Study Shows Almost Half of UK Consumers See Metaverse in Their Future

As the metaverse gets increasingly popular globally, a new KPMG study has found that almost half of UK consumers believe that the metaverse will become widely used in the next 10 years. The research examined how UK consumers viewed the metaverse and revealed that younger consumers are more optimistic about it than older generations.

Of the 3,000 UK adults surveyed, more than a third (37%) have positive opinions of the metaverse, while just under a third (31%) have opposing opinions. 32% of the respondents do not know enough about the metaverse to form an opinion. According to KPMG, the UK is “divided on how long it’ll take for the metaverse to become widely used, with almost half anticipating it being within the next decade.”

 The study also showed that consumers are least likely to use the metaverse for socializing, with entertainment and education being the top use cases. Ian West, Head of Technology and Alliances at KPMG UK, noted that businesses need to invest in metaverse technologies only if customer demand exists.

KPMG’s study aligns with global technology, media, and telecoms (TMT) executives’ views, with 84 percent of respondents planning to increase or maintain their investments in the metaverse over the next five to 10 years. The study indicates that businesses must persuade potential customers of the metaverse’s benefits and clarify what a metaverse future looks like.

UK consumers positive about the Metaverse

Ian West, the Head of Technology and Alliances at KPMG UK, stated that the perceptions of UK consumers about the metaverse seem broadly positive. He added that those seeking to pursue metaverse applications must do more to persuade potential customers of the benefits. 

“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 help consumer confidence and business confidence too”

Ian West, Head of Technology & Alliances at KPMG UK

West further stated that, for the metaverse to succeed, more people must be convinced about it. He added that businesses could invest in the technologies, but unless there is customer demand for it, it would not be as successful as the potential it holds.

In a similar development, 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. 

According to the survey, over a third of consumers said they would use the metaverse for entertainment, and over a quarter said they would use it for education. It also showed that consumers were least likely to use the metaverse for socializing. The socialization statistics may indicate an alternative avenue for Metaverse usage, different from the complete lifestyle transformation vision sold by select firms.

Metaverse still popular among global tech companies

Despite recent challenges, metaverse continues to attract billions in investment from tech titans like Google, Microsoft, Nvidia, and Qualcomm. The hype surrounding the metaverse peaked when Facebook rebranded as Meta in October 2021 and pledged to invest at least $10 billion in the concept that year.

Although Meta has tapered its metaverse ambitions since then, these investments demonstrate a growing interest in the metaverse and its potential to transform how people interact with technology. With significant resources poured into this technology, it’s clear that the metaverse is a development to watch in the coming years.

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