European youth investing in the metaverse with their finances

European tweens are increasingly willing to spend money in the metaverse to buy virtual products. Almost half of eight- to 12-year-olds have already bought a digital product, and a third are even willing to spend their own money.

Thirty-seven percent of young European parents whose children play in the metaverse say their child has spent money (their own or their partner’s) on digital products, according to the latest YPulse survey.

While it’s common for parents to spend money on their children’s hobbies, the fact that European tweens are asking for money to buy virtual, often branded, products is significant. According to YPulse data, 71% of European parents say their children influence their regular purchases.

On the children’s side, 45% of eight- to 12-year-olds say that they have already bought a digital product in a virtual video game, such as Fortnite and its selection of “skins”. A similar proportion was noted among 13- to 17-year-olds, with 47% having made such purchases.

Children are spending their own pocket money on virtual products

European tweens are spending their own pocket money on virtual products in the metaverse, in addition to their parents’ money. According to YPulse, 33% of young European parents say their children spend their own money in virtual worlds.

For these children, digital products have become a must-have, and they use their pocket money or birthday gift cards to buy products in the metaverse, just as they would for real-world products, the study points out.

YPulse reports that 70% of European eight- to 12-year-olds who play video games are playing in virtual worlds. As such, brands have every incentive to invest, according to the study.

More and more brands, such as the BBC, Specsavers and Hugo Boss, have entered the metaverse in recent months. Forty-two percent of parents even say that their children have become interested in a brand after seeing it in a game. – AFP Relaxnews