Marketing VR—3 virtual reality trends brands should know about as it gains popularity

Virtual reality technology is steadily becoming less virtual and more reality. Apple’s launch of its Vision Pro last month was a milestone for the emerging and powerful technology. The VR market is already estimated to be worth more than $67 billion. That figure is projected to more than triple in the next five years, rising to more than $204 billion. It is, in other words, it is a ripening market ready to blossom—the very definition of an opportunity. A recent Harris Poll found that while fewer than one 1 in 5 Americans (18%) use VR technology, an additional 1 in 3 (33%) haven’t tried it yet but are interested. Combined, the two groups make up a majority of Americans. Only 27% have not used it and are not interested in trying it. Those who have tried the technology have enjoyed it: 76% of people who have sampled VR headsets had positive feelings about the experience; only 2% had negative views. Even a majority (55%) of people who have used VR hardware—but don’t any longer—rated the experience as positive. Web3 and metaverse marketing blog Catch up on the latest virtual experiences and more Click here Men’s current usage of VR technology is significantly higher than women’s (26% and 10%, respectively). Women are also less likely to be interested in trying it. We identified three other VR trends about which marketers ought to be aware: Generational opportunities VR usage decreases with age—little surprise. Nearly 2 in 5 Gen Zers (38%) use the tech while only 28% of millennials do along with 15% of Gen Xers and a miniscule 4% of baby boomers. The trend holds among people who have tried VR but no longer use it, with 26% of Zers having done so, 19% of millennials, 15% of Xers and 8% of boomers. Older generations provide a willing opportunity group, however. Boomers and Xers are easily the most interested in trying out VR, with 38% of each cohort reporting as much. That’s compared to 33% of millennials and 16% of Zers. Youth may be the future but with age comes opportunity. How to capitalize on it? That brings us to the next trend. Play’s the thing To this point we’re using VR to play games. Nearly two-thirds (65%) of those who have used or would like to use VR headsets are motivated by gaming. That’s the obvious use for this technology—a truly immersive, interactive gaming experience. Only half (51%) have used or want to use it for watching immersive content such as movies (imagine in the future being able to stand in the halls of the Death Star to watch Obi Wan and Darth Vader duel or ride along with Luke Skywalker in his X-Wing). A similar number (47%) have either used or want to use VR headsets to simulate travel or other real-world experiences (think checking out the Roman coliseum without leaving your living room.) If you want to appeal to the older, underserved generations, first understand how they want to use the gear. While more than 70% of Americans under 55 use it for gaming, for example, only 39% of those over 55 do so, which doesn’t even make it a top-three activity for them. Watching immersive content is their top use for VR headsets (59%), followed closely by simulated travel (58%) and then by learning (43% as opposed to 38% of the general population who use it for that). They’re as likely to use VR headsets for wellness as for gaming. Boosting adoption for these opportunity groups means expanding content beyond just gaming. Similarly, those who haven’t tried VR but are interested in doing so are more likely than current users to be interested in non-gaming activities such as watching movies (69% versus 46%) simulating real-world experiences such as travel (62% versus 40%) and learning (49% versus 33%). People who have heard of VR get the gaming angle—tech companies now need to play up its myriad other possibilities. The price barrier Price remains one of the biggest limitations around VR growth. Perhaps nothing illustrates this better than Apple’s Vision Pro. The device has won plaudits for its remarkable technology, but it retails for a hefty $3,500, as much as a top-of-the-line laptop—and way more than most people are willing to spend. Only 4% of relevant consumers, those who have used or are interested in using VR headsets, said that they would plunk down $3,000 or more—hardly the kind of numbers which will drive massive growth. Instead, the sweet spot seems to be approximately $500 or less. More than half (56%) of VR users and those interested said they would pay no more. Perhaps not surprisingly, that is what Meta’s Quest 3 goggles go for. Current users, who are already invested in the technology, are a bit more budgetarily flexible, with many willing to stretch up to $1,000, but Vision Pro’s price tag remains out of reach for most consumers Budgets may increase along with perceived value and usefulness. VR product makers would be wise to figure out how to bring down the cost of entry—and possibly expand their use cases to attract new users—before the market gets away from them.

Marketing VR—3 virtual reality trends brands should know about as it gains popularity

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