How the fashion industry can get into a metaverse mindset

Shoppers, particularly those in Gen Z, are spending more time online and exploring the possibilities of the metaverse. Here’s what fashion and luxury players need to know about this emerging frontier.카지노사이트

There’s a lot of buzz surrounding the metaverse—which could be loosely defined as hyper-interactive, creative digital environments where people work, play, socialize, and shop. While the metaverse itself remains in its infancy, there’s plenty of interest in its potential. For brands, and for the broader fashion industry, it could well offer new opportunities to engage Gen Z and other tech-savvy, young consumers.

What do they need to know to tap in? And what role will nonfungible tokens (NFTs), gaming, and virtual fashion play in the future of shopping?

These questions are the focus of one chapter from The State of Fashion 2022, the latest industry report from McKinsey, in partnership with the Business of Fashion (BoF). Scroll on for insight on some of the most important findings about the metaverse mindset—and how it can offer fresh routes to creativity, community building, and commerce.

Interactive, creative digital spaces are a natural evolution of how people use technology, and they reflect the ever-growing amount of time consumers spend online. Gen Z spent an average of eight hours per day on screens in 2020.

It could. “There are more and more ‘second worlds’ where you can express yourself,” says Gucci chief marketing officer Robert Triefus. “[But] there is probably an underestimation of the value being attached to individuals who want to express themselves in a virtual world with a virtual product, [through] a virtual persona.”

Personal expression is important to Gen Z, and fashion is one of the top three categories on which Zers seek to splurge or treat themselves. Does that carry over into the digital realm?

His company made forays into the space with its Gucci Garden in the Roblox gaming metaverse—and saw 19 million visitors to it. Other fashion players are eyeing the $176 billion gaming industry, which attracts more than three billion players globally each year, especially given the appeal of engaging with and building communities in games and other virtual worlds.

Indeed, gaming is increasingly an extension of the real world, and with the pandemic supercharging participation, it has become a prime target for fashion brands. Ralph Lauren, for instance, partnered with South Korean social network app Zepeto to create a virtual fashion collection where users could dress their avatars in exclusive products or appearance-altering “skins.”

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