Buzzworthy Insights – Consumer NFT Sentiment

01.31.2022 Buzzworthy Insights
By BDS Strategy and Analytics

Consumer NFT Sentiment

Alongside the buzzword of the decade, Metaverse, NFTs have seen an explosive year with the likes of Louis Vuitton and Nike making their own collections. As for what consumers think of them, 44% have no clue what an NFT even is, according to a new report from Scalefast. When it comes to purchasing NFTs, nearly half (49%) make $80,000 or more yearly, are less educated, typically male, between the ages of 18 – 34, and identify as a race other than white. (View source)

Metaverse Shopping

People in the Metaverse are spending big, according to a new study from Obsess, 70% of all consumers who have shopped in a virtual store have a made a purchase in one. Bloomberg estimates that this market for virtual shopping experiences within the Metaverse to be a $800 billion opportunity by 2024. As for who is shopping the most, Gen-Z is on top with 75% of these shoppers having purchased a digital item within a video game, 52% of which would be willing to pay up to $50 for an item their online avatar could use. For entering the Metaverse, brands are creating 3D virtual stores as a “first step” towards this process with 69% of Gen – Z, 77% of millennials, and 67% of Gen X having made a purchase in one of these virtual stores. (View source)

Brand Priorities of 2022

Brands are looking to upgrade this year, RSR’s new study gives us a glimpse at what is in store for brand expansions.  The most important priority at 83% is acquiring new site traffic, followed by improving digital experience (61%), and driving more onsite conversions (59%). Unsurprisingly, 57% of customers begin their journey on either Google or Amazon.  For improving the shopper’s experience, 6 out of 10 retailers believe offering more personalized offers/promotions and product recommendations would improve the experience. (View source)

Top Brands of 2022

During the pandemic, no other brand has seen a faster growth than TikTok, growing at a explosive rate of 215% from $18.7 billion to $59 billion in 2021. Even with the growth, TikTok is still far from the top of the world’s most valuable brand, coming in at 18th place of Brand Finance’s ranking. The most valuable is Apple, retaining its top spot thanks to it’s 35% growth primarily due to the increased adoption of Apple Pay and Apple TV. Second in the retail sector, Walmart, who has recently passed the $1 trillion valuation mark, thanks to a 46% growth due to the pandemic forcing people to look for better and more deals. (View source)

Lowe’s and Petco Partnership

Families and individuals have been welcoming new furry friends into their homes, with more than 11 million new pets entering US homes since the start of the pandemic. Petco and Lowe’s are teaming up to tap into this growing space. Inside Lowe’s pilot store in store concept will be a “pets welcome” atmosphere that offers a curated assortment of pet health and wellness supplies, including Vetco clinic appointments for a variety of services. Unlike other store in store concepts, Petco employees will staff theses areas during peak hours. (View source)

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