Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey & Company.
Published yesterday, the 77-page report titled “Value Creation in the Metaverse” analyzed current adoption trends and drew additional insight from two global surveys; one gathered data from 3,104 consumers across 11 countries, while the other polled a range of executives from 448 companies across 15 industries in 10 different countries.
McKinsey used this data to predict that the future of consumer behavior in the metaverse will most likely be divided into five primary activities: gaming, socializing, fitness, commerce and remote learning.
McKinsey found that nearly 60% of all consumers surveyed prefer at least one activity in the virtual world compared to its physical alternative, and 79% of consumers that are currently active in the metaverse have already made a purchase.
E-commerce will be the primary cash cow in the metaverse, with McKinsey predicting it to make up anywhere from $2 trillion to $2.6 trillion of all spending by 2030. Virtual advertising will be another major sector, with associated revenue expected to make up another $144 billion to $206 billion.
Flying in the face of the current pessimism in the conventional crypto market, the report highlights that in the first five months of this year, more than $120 billion has already been invested into metaverse-related technology and infrastructure — more than double the total $57 billion invested in metaverse tech throughout the entirety of 2021.
In an associated blog post, the lead authors of the report and McKinsey senior partners, Lareina Yee and Eric Hazan, gave additional comments on their research.
“What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.”
Speaking about the response from executives, Yee added, “Executives often don’t agree on very much, but our research shows they overwhelmingly agree on one…