The Metaverse: A New Digital Frontier for Consumer Behavior

Journal of Consumer Psychology

86 Pages Posted: 10 Mar 2023

See all articles by Rhonda Hadi

Rhonda Hadi

University of Oxford - Said Business School

Shiri Melumad

University of Pennsylvania - The Wharton School

Eric S. Park

Columbia Business School

Date Written: February 27, 2023

Abstract

This work offers a multi-disciplinary perspective on the Metaverse, focusing on its potential implications for consumer behavior. We begin by proposing a conceptualization of the Metaverse as being uniquely defined by the convergence of five key elements—it is digitally mediated, spatial, immersive, shared, and operates in real-time. We then discuss how these components might collectively alter our understanding of consumer behavior in three domains: consumer identity, social influence, and ownership. We conclude by outlining an agenda for future research to help broaden our understanding of the Metaversal marketplace and its impact on consumer behavior. This work serves as a starting point to characterize a shift that is unfolding in the marketplace and to consider, through a consumer behavior lens, the numerous changes it may bring.

Keywords: Metaverse, NFT, Virtual Reality, Human-Computer Interaction, Consumer Behavior, Social Psychology

JEL Classification: M31

Suggested Citation

Hadi, Rhonda and Melumad, Shiri and Park, Eric, The Metaverse: A New Digital Frontier for Consumer Behavior (February 27, 2023). Journal of Consumer Psychology, Available at SSRN: https://ssrn.com/abstract=4380636

Rhonda Hadi (Contact Author)

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain

Shiri Melumad

University of Pennsylvania - The Wharton School ( email )

3641 Locust Walk
Philadelphia, PA 19104-6365
United States

Eric Park

Columbia Business School ( email )

New York, NY
United States

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