Many people had been negatively affected by the recession. Because of this, people curbed their spending habits, and sales in malls and other stores had gone down. However, there is one place where sales have skyrocketed: the world of virtual reality.
The popularity of social networking sites, like Facebook, is one factor in this boom. Facebook, alone, has about 70 million users worldwide. Because connecting with friends and relatives is so much easier through such sites, many people show off in these sites, too. In addition, gift giving during the holidays is made easier and cheaper through these sites.
Spending in social networking games is also a big factor in this boom. Many are encouraged to spend in these free games because upgrading their membership, for example, will let them play more games or earn or earn more points. Buying extra credits can also let them get special items that help them succeed easier in the games.
Virtual reality goods usually cost less than a dollar to two dollars. So, people’s avatars can wear clothes owners cannot normally wear because these clothes are too expensive; their virtual homes can be fully furnished with the latest appliances and furniture, unlike their real homes — and for just a few dollars! Although each item is very cheap, when added together, these are expected to reach $1 billion by the end of this year and may go up to $1.6 billion in 2010.
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