Introduction to the World of Millennials
The two billion millennials, representing 25 per cent of the world’s population, are re-defining consumerisation. Based on a market research company, Growth from Knowledge (GfK) study found that 59 per cent of 20 to 29 years old and 57 per cent of 30 to 39 years olds agreed with the statement that “experiences are more necessary than possessions”. Millennials prefer to socialize in group engagement at a fraction of the price as a substitute of investing in personal highly expensive virtual reality applications comparable to Virtual Reality (VR) headsets and play stations.
The Rise of Experiential Offerings
In catering to this evolving demand of millennials, businesses are already reviewing and remodeling their product and repair offerings through Augmented Reality (AR) and VR by emphasising on experiential offerings. Worldwide mall-based attractions have gotten the norm across America, Dubai, Europe and Asia, with experiential entertainment components surpassing the normal boundaries between tourism, e-sports and entertainment industries.
The Malaysian Perspective
In Malaysia, the Shopping Mall Association Malaysia (PPK) has acknowledged the potential of online platforms’ performance versus brick and mortar shops. With the growing trend of e-commerce and e-retailing, mall management and retailers aim to set themselves apart by embracing ‘experience creation’ that blends technology, interactivity, design, values and personalisation. By strategic utilisation of stories or concepts to attach with audiences, malls seek to remain relevant as top tourist pullers, more so in the thrill of Visit Malaysia Year 2020.
The Emergence of Retailtainment
Experiential settings are being invented into “retailtainment” inside mall spaces to attract visitors and tourists into VR, and AR themed parks and studios. The RIFT in Mid Valley Megamall and VAR LIVE in MyTown Shopping Centre, Kuala Lumpur are claimed to be the most important hybrid theme parks so far in Malaysia. These attractions showcase the very best of virtual and augmented reality technology for fun-filled experiences with over 20 high-technology games attractions each, starting from thrill rides, free-roaming terminators, laser battles, historical and treasure gateway, motor racing, dodge ball, river ride, puzzled maze, hurricane trap, shooting competition, haunting cabins and vibrated wall climbing.
Location-Based Entertainment
Location-based entertainment of VR theme parks and museums are also on the rise as seen at VR Labs and Future Land Fun in Bandar Sunway, The Void in Genting Highlands, Pahang in addition to the Trick Art/Eye/3D museums in Central Market, I-City- Shah Alam, Lebuh Penang, Johor Bahru City Square, Melaka Megamall and WeGrow Global’s pioneer project, Dinosaurs Encounter on the National Science Centre (PSN).
Challenges and Opportunities
However, VR stays a really area of interest technology business with a high price barrier of entry because of the high cost of hardware mandatory, comparable to powerful computers, sufficient space, quality sensors and VR helmets. Several Malaysian VR/AR pioneers have attested that exact hardware and content development are difficult to access. Thus, it will be significant to notice that the highly selective offerings by VR entrepreneurs through the dedicated theme park and entertainment centres are depending on the wave of world millennial tourists.
Education and Investment
Apart from providing excellent growth opportunities for the tourism-retailtainment industry, the growing interest in VR and AR can also be anticipated to create positive spillover effect for the education sector. Malaysian universities and technical colleges need to introduce dedicated courses to create unique VR/AR experiences and products. Coding, games development and software engineering are some exciting education areas being explored and enhanced. Additionally, VR/AR development studios and start-ups are also slowly leveraging Malaysia in technology investments.
Conclusion
The rise of VR and AR is transforming the tourism industry, and Malaysia is poised to profit from this trend. With the federal government’s support and investment within the industry, local talents can transcend Malaysia’s entertainment industry and make an enormous hit within the regional tourism market. As the industry continues to grow, it is predicted to create recent opportunities for education, investment, and employment, ultimately contributing to the country’s economic growth and development.
