PHOTO CREDIT: PHOTOPIN
If you want to know how Multicultural America consumes virtual reality products, you are in for a treat. Virtual reality is taking the world by storm. According to Deloitte, VR will have its first billion dollar year in 2016 for an industry that should reach $33.90 billion by 2022. Markets and Research explain that the majority of the growth is driven by the increasing demand of smartphones and mobile VR products. Multicultural consumers who are much younger than the overall population, over-index in social media usage, and are early technology adopters, seem like the quintessential VR user.
HALF OF MULTICULTURAL CONSUMERS ARE INTERESTED IN PURCHASING VIRTUAL REALITY PRODUCTS
According to the study 49 percent of multicultural consumers have shown interest in buying VR products. This trend is even more interesting when noting that whites are the most likely to not be interested in purchasing a virtual reality product (36 percent) vs. other multicultural groups (Hispanics | 23 percent; African Americans | 25 percent; Asian | 19 percent). This finding can be associated with the difference in median age of white Americans (42 years old) vs. Multicultural Americans (Hispanics | 27 years old; African Americans | 32 years old; Asian | 35 years old). Not surprisingly Millennials are the age group that shows the most interest in purchasing VR products.
AFRICAN AMERICAN MALES EXPRESSED THE MOST INTEREST IN VIRTUAL REALITY PRODUCTS
The report shows that African Americans show the most interest in purchasing virtual reality products vs. other ethnic groups with black men leading the appeal for VR technology. However, whites are the consumers that are prepared to pay the most money for such VR products. They are prepared to pay $97 on average vs. $84 for Hispanics and African Americans and $76 for Asians.
THE MAJORITY OF MULTICULTURAL AMERICA CONSUMES VIRTUAL REALITY PRODUCTS FOR WATCHING MOVIES
PHOTO CREDIT: PHOTOPIN
When looking at specific usage of VR products, watching movies emerge has the number one activity. Both African Americans and Asians are more likely to use virtual products for watching movies than playing video games. In fact, 73 percent of Asian Americans would use VR products to watch movies (vs. 71 percent of African Americans 66 percent of whites and 63 percent of Hispanics.)
THIRST FOR IMMERSIVE EXPERIENCES AND ESCAPISM
When looking as of the reasons behind VR products usage, African Americans over-index in the “escapism” factor provided by the technology; 32 percent of African Americans are most interested in the “escaping reality” element of VR. (vs. 23 percent of Hispanics; 28 percent of whites and 22 percent of Asians). African Americans are also the least likely to be interested in the immersive experience in video games vs. other cohorts. (18 percent of African American vs. 25 percent of Hispanics; 26 percent of whites and 23 percent of Asians). Asian Americans is the group that is most interested in the “latest technology” aspect of VR.
The entire study is worth reading. Kudos to Think Now Research for a great survey.
You can download the full report here.