For each new technology that advances on the market, the bets are on. But regarding the Metaverse the forecasts are clear, from the current estimated $47.48 billion in 2022, this market could be worth $678.8 billion by the end of this decade. Wunderman Thompson, a multinational creative agency, which manages the creativity and technology of numerous brands, including BMW, Unilever, Nestlé, in its recent report “New realities: Into the Metaverse and Beyond”, explores the sectors most disrupted by this technology, already providing some concrete examples, from the financial world, to retail e-commerce, passing through the world of work. We asked Emma Chiu, global director of WT to give us some insights regarding the effects of these changes on the travel and vacation industry.
How the metaverse is changing the way proposed products and services get in the market?
The metaverse is a new outlet for brands to connect with people. Virtual worlds and social games have become the new hang-out for people. This is where many want to spend their time. It makes sense for products and services to leverage this channel to build communities and learn about what people want.
How will the Travel Industry be visibly impacted and what can we already see about the effects of this new kind of user experience?
The digital world is offering more immersive travel experiences from the comfort of people’s homes. Meaning people will get to “visit” more places virtually before they decide where they would like to physically commit to and perhaps the way they tailor their trips could be dictated by the digital experience. Some cities are already thinking of creating digital twins for people to visit virtually with the hope that people will eventually visit in-person. In addition, for those less able to travel to certain places, virtual travel will offer that inclusive touchpoint for all. Immersive technology gives travel the potential to be less cost prohibitive, more accessible and more imaginative.
Any anticipation from your research on Metaverse in the Travel industry?
Expect people to opt for “travelportation” as a way to visit a place, meaning advances in technology will offer a feeling of being teleported into a different location. This means cities will find more demand to create a digital twin. For places that are protected and want to reduce physical presence, but still want to offer insight and education—digital twins could be a great solution and one that can also profit.
Emma Chiu is Wunderman Thompson’s global director and was recently appointed one of Insider’s Top 24 Advertising Executives who have led high-profile Web3 projects for big brands. Her research has revealed several emerging trends, including some for business and travel. At BTO she will talk about some insights regarding the development of the Metaverse in the travel & events sector with a focus on the European and Italian markets.
The interview concerns the topic “Digital Innovation” and was edited by Letizia Ciaccafava, advisory board BTO.
We look forward to seeing you at BTO – Be Travel Onlife to better understand how the web3 and Metaverse market is moving according to the analyses and forecasts of Wunderman Thompson.
The date is November 29th and 30th, 2022 in Florence.
