McKinsey Quarterly, April 7th, 2022
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.
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.
This experience draws on the full report, written by Anita Balchandani, Achim Berg, Saskia Hedrich, Jakob Ekeløf Jensen, Leila Le Merle, and Felix Rölkens of McKinsey, in collaboration with Business of Fashion CEO Imran Amed.
