Trend Forecasting is a prediction of mood, behavior and buying habits of consumers. It helps in predicting the future direction of something which would affect the businesses’ decisions and buying and sales of an individual. Trend forecasting in fashion acts as an important tool to decide the upcoming trends which would influence the brand’s business and purchasing power of consumers. Thus, trend forecasting and its importance in the fashion biz cannot be neglected or overseen.
Fashion trend forecasting is a collection of styling ideas put together to bring out an emerging trend to influence the fashion market. It can be done with the analysis of existing data to try to spot the upcoming trends. Facts and numbers along with buying and sales statistics from previous years are put together to find out one influential trend.
Fashion forecasting is needful to bring out the new and latest styles and to run the business of fashion. Fashion is dependent on the latest trends and styles. Trends have a major role to play and affect the numbers and data of the fashion business. In the contemporary world, fast fashion and fast fashion brands like Zara and H&M have occupied the global market by imitating the runway designs. Fashion designs trickle down from the runway and trickle across through the introduction of social media.
Revising trends have a major role to play in the fashion industry which affects the businesses of brands and manufacturers. Re-fashioning the styles takes a lot of effort along with capital investment. In today’s time, it has been seen that every day there is a new trend being followed and observed. There is a need time and again for the brands and manufacturers to be updated with the latest trends in order to meet the consumer requirement and hike their sales.
Due to the transformation of styles and trends at a fast pace, businesses have been affected largely because of the large stocks being dumped and considered a fad. Also, losses are incurred because of the remaining unsold stock. The fashion industry is not just limited to only clothes but accessible to shoes, hair, makeup, accessories, textiles, colors, and bags too. Be it any sector of fashion, the repercussions have been the same. Displaying the upcoming trends on social media reduces the sales of ongoing trends and increases the demand for the displayed trend, thus affecting the business at large.
Sources Of Trends For Consumers
There are various sources like Fashion Shows where trends trickle down to the audience and then in their wardrobes. Trade shows where the latest textiles and fabrics are put for an exhibition and then brought into the business. The brands couture collections are one of the major sources of notifying the latest trends and are responsible for setting the trends and styles for smaller brands and consumers. Manufacturers manufacturing large and varieties of clothes and accessories for different brands make use of the latest trends.
Cross-Industry Trends like following the latest color and style from the automobile industry helps to fetch out the latest color trends that persist in the fashion market. Indian market is largely affected by the celebrity crush and their latest looks at airports, events or the characters played in the movies. They are the major influencers for the Indian audience to reveal the latest styles. Another easy and simple source to know about trends is to look around and pick styles from people around you and from the streets.
Social Media And Trend Forecasting Organizations
Social media plays a pivotal role in forecasting the latest trends as all the big designers and brands put their collections on Instagram and visuals please the audience to pick the latest trends.
There have been websites and agencies that reveal the latest styles and trends. Global and number 1 website like WGSN who predicts the future of fashion is believed and followed for the latest information. Other websites like Trendstop and Pattern Bank also predict the future of fashion, this fashion trend forecasting has merely become a business to earn good profits.
Google’s annual trends report and Pantone’s fashion color report also play a major role in disclosing the new trends and styles.
Why Is There A Need Of Trend Forecasting In Fashion?
Every brand and individual is in a hunt for a ‘flurry’ of a certain style that would differentiate them from the niche market of fashion. Companies are hiring agencies and subscribing to websites to be updated with the latest trends by investing large numbers into them. Fashion forecasters have become a major part of the industry as they forecast the future demand for particular styles, fabrics, and colors and also predict the buying and sales numbers for the future. This helps the brands, labels, and designers to plan and work towards their new collection which will be demanded and sellable in the consumer market.
Trend Forecasting Business
Trend forecasting is a new emerging business that employs a large number of people from different and creative fields. Experienced people who have been in the field for decades are hired for good advice and knowing the fashion cycle thus telling the latest trend from past experiences. Good numbers of profits are generated by the trend forecasting companies as it requires a lot of skills such as creativity, good knowledge of fashion and innovation to predict the latest trend.
Like WGSN fashion helps the global retailers and manufacturers and brands to lead with confidence while displaying their latest trends and styles. It employs global specialists and people who are experienced in their respective field and local trend spotters to ensure ‘their insights’ and trends are accurate. It requires a lot of authenticity and accuracy as big brands and retailers are dependent on them totally and it affects the global fashion market. Also, they reflect the earliest views on trends- 18 months in advance of the upcoming seasons in order to help manufacturers and retailers and big brands along with export houses to understand the trend and start working on it.
How has digitalization enhanced Fashion forecasting?
Today when fashion weeks have multiplied, there’s a constant rush of latest fashion trends in the market. Everyone’s concerned about their looks and outfits, as with the emergence of digitalization world is closer than ever before. A single Instagram post can make a look go viral overnight, with so much on going it becomes extremely difficult to know exactly what’s in and what’s out in the latest fashion trends based on intuition and perspective alone. As consumers continue to glam the world with their choices, it’s important to note that their choices and decisions don’t just bloom out of the blue. These decisions are mostly dependent on fashion trend forecasting today has become a play rather than work, but it involves a huge amount of focus, consumers today often leaves a valuable amount of data behind them. This data can further be extremely informative and help fashion forecasters predict where the consumers are heading before they get there. These details can work wonders by helping fashion brands and designers better predict the latest fashion trends in a way that can make or break the fashion market.
Fashion trend forecasting is a complex game for sure, it got even more confusing as soon as women got better access to the internet, they desired to keep up with the latest fashion trends for women. To spot the trends, fashion forecasting was trusted, it helped to keep an eye on the latest fashion trends for women and the trendsetters. Fashion forecasting became a little more practical as they realized it’s not only the celebrities and designers starting trends. They analyzed the latest fashion trends for women were dependent on many unsaid factors as well including media & entertainment, politics, health, and technology. The latest fashion trends for women have often jumped from category to category for example vegan food soon led to the emergence of vegan clothing, and then vegan cosmetics. It’s quite evident how fashion forecasting is becoming more scientific rather than artistic, forecasters have analyzed that food also impact the audience’s interest in the latest fashion trends.
Apart from spreading industry to industry, the latest fashion trends also spread across geographies, for example, the bomber jacket became a global trend but its seasonality began shifting from Autumn/Winter to Spring/Summer in different regions. Fashion forecasting today is strong enough to even know how long it will take a trend to travel from market to market. Now with the emergence of digitalization world is living online rather than offline, forecasters have ample amount of data to analyze consumer patterns and behavior across geographies. The situation is that they have much more data than required which leaves them with the job of rectifying the useful data. The machine intelligence and technology have raised the fashion forecasting and its easier than ever for consumers to identify what’s trending. It can be concluded by saying that today the consumers are in thirst for new trends, and it’s important than ever to closely watch to their online demand signals. The emergence of digitalization in fashion forecasting has played an essential role as it provides you with a crystal clear understanding of where the consumer and the fashion industry are heading.
IKF Desk On Trend Forecasting And Its Importance In The Fashion Biz
The future of trend forecasting is very bright and leads with confidence as everything is based and dependent on them. They are the base of everything to gain knowledge and the latest information about fashion. More and more companies would get into this business as the demand is increasing with an increasing number of individuals following trends due to easy accessibility through social media and the changing nature of the consumer which have become self-conscious and fashion-oriented.