Fashion in the metaverse - Statistics & Facts

Into the metaverse through gaming: fashion in the virtual world

The metaverse is not quite here yet, but it has already blended in the digital strategy of retail brands. Many names in the fashion and luxury retail sector have geared up for the envisioned virtual and immersive future, releasing virtual clothing, dropping NFTs, and minting their presence in the gaming world. Gaming, in particular, has been key in the soft launch into the experiential, digital and immersive experiences that metaverse promises. In 2021, Gucci showcased its Gucci Garden experience on the gaming platform Roblox, allowing users to purchase avatars and Gucci clothing items, while Balenciaga introduced skins and outfits on Epic Games’ Fortnite. Burberry, Ralph Lauren, and Louis Vuitton were other luxury brands trying their hand at virtual goods and NFTs through collaborations in the gaming world. Luxury's gaming partnerships seem to pay off, at least with luxury shoppers. According to a study conducted with consumers worldwide, more than half of luxury shoppers interacted with luxury brands and subsequently purchased in-game items. That said, in the gaming industry at large there is discontent with NFT and cryptocurrency integration, with an overwhelming majority of game developers stating they were not interested in implementing them.

For luxury brands, the immense popularity of gaming platforms is an opportunity to reach out to younger consumers and test the waters before a more robust investment into creating virtual and digital goods. But there are also brands that are ahead in the digital game with wildly successful and lucrative virtual goods sales and NFTs. Take Dolce & Gabbana’s virtual collection Collezione Genesi, which sold for 1,886 ETH, or around six million U.S. dollars. Another pioneering sale was Gucci’s first NFT, a video inspired by its recent Aria collection which auctioned for 25,000 U.S. dollars. Gucci’s expansion into the metaverse was not limited with its high profile NFT. The company recently purchased space in The Sandbox, one of the leading virtual real estate platforms building the metaverse. Fashion's special interest in creating experiences in the virtual worlds will likely only increase as developers, designers and creators of the metaverse are eyeing the opportunity that the fashion industry presents. Following the virtual fashion events that took place in 2021 due to the coronavirus (COVID-19) pandemic, global fashion events of 2022 have now been bookended by a virtual fashion week in the metaverse, organized in partnership with Decentraland and scheduled to take place in late March.

Retail consumption, virtually

Metaverse is estimated to be a huge market opportunity. In the retail industry, AI and AR-based technologies are already accelerating the digital transformation of many companies and preparing them for a future that is set to become more automated, more connected, and blurring the boundaries between offline and online, i.e., becoming more hybrid. Retail technologies such as virtual try-ons and smart mirrors are already paving the way for the industry’s leaning in towards this future. And while an immersive virtual shopping experience enabled by the metaverse is still a long way down, consumers are already getting acquainted with the tools of the metaverse and adopting them in their everyday lives. Today, an estimated number of over 800 million people are using mobile AR devices worldwide, and this number is forecast to reach 1.73 billion in the next few years. AR tools and applications are used in fields spanning health care, entertainment, education, retail operations, and even shopping. A 2021 survey found that among AR device users, about 40 percent were using AR at home for shopping. When asked about the reasons for using AR technology while shopping, consumers agreed that beyond fun and novelty, AR gave an opportunity to simulate product fitting and visualization onto physical spaces. Snapchat is one of these platforms that allow shoppers to virtually try on fashion items through AR technology. According to a survey, about one-third of U.S. consumers have already shopped for apparel and fashion items via Snapchat.

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