A Multi‐Study Examination of Metaverse and Consumer Behaviour: A Systematic Literature Review and Research Agenda

ABSTRACT This multi‐study research examines the state of the metaverse and consumer behaviour research, providing multidimensional avenues for future research. We analysed 303 publications following the PRISMA protocol for systematic review. The results offer a comprehensive understanding of psychological, communication, and technological theories. The clusters revealed five key themes. The first cluster comprised a core metaverse immersive consumer experience, and the second cluster focused on avatar, self‐identity, and generational engagement in the metaverse. The third theme encompassed supporting infrastructural aspects, including blockchain, NFTs, and Web 3.0. The fourth cluster explained the factors affecting purchase decisions in the metaverse, and the fifth cluster centred around virtual tourism and hospitality experiences. To further justify the findings and provide rich future research directions, a qualitative study was conducted with 12 consumers, 9 industry specialists, and 9 academic experts. The findings of the qualitative research offer insights into the macro and micro effects, challenges, and unique value propositions that the metaverse presents. The micro‐level factors' sub‐themes were psychographic, demographic, geographic, and behavioural. The macro‐level factors encompass social, economic, environmental, and cultural aspects. By combining the findings from the review and qualitative study, we discuss and provide rich insights into future research directions for academics.