The Effects of VR on Consumer Attitudes – Lessons from Implementing VR Technologies in Real Estate Marketing

Abstract: Virtual Reality (VR) has gained tremendous interest within the last decades and is rapidly becoming a disruptive marketing tool across all industries. Predictions show that the VR market is expected to reach a staggering US$120 billion by 2026 (Fortune Business Insights, 2019). While previous research has investigated the impact of VR on consumer attitudes, the connection between its immersive characteristic, i.e. telepresence (Steuer, 1992), and the complexity of consumer attitudes (Eagly & Chaiken, 1993), is still relatively unknown. Hence, this paper addresses the discrepancy in extant literature by applying a qualitative research approach. We conduct in-depth interviews using a quasi-experiment design, displaying an apartment through 2D (pictures) and followingly 3D stimuli (VR). The increased telepresence from VR and its impact on participants’ responses towards the apartment is thereby captured. Results show that both technological variables of telepresence (vividness & interactivity) are positively influential in the three-dimensional spectrum of consumer responses (affective, cognitive & conative). Moreover, this study reveals that telepresence contributes to enhanced product knowledge, produces a hedonic experience and aids in decision-making. Conclusively, managerial recommendations are provided, detailing aspects to consider before implementing such immersive technologies.