August 24, 2019
What is Fashion Trend Forecasting?
Fashion trend forecasting also known as fashion forecasting deals on current fashion trends and forcast the future and upcoming trends. A forecaster focuses on certain key elements like color, fabric, texture, print, graphics, etc. to predict future trends relating to the industry. It is applicable to all sectors of the fashion industry, be it street clothes, ready-to-wear clothes or of any other type. Fashion trend as we know is applicable to all facet of life, so trend forecasters focus not only on this industry, but also takes into account the viability of other important industries like – automobile, food, literature and home furnishings, etc. to predict the future trend in fashion.
What are the factors that determines fashion trends forcast?
Here are some external forces that heavily influence the volatile market of fashion.
Color and Fabric
These are very important factors affecting the industry. The forecasters heavily use these two factors to predict the future of fashion.
This plays a crucial role in determining the future trends. The Red Carpet has been the high point for fashion enthusiast and forcasters to view trends and predicts future fashion trends.
The economy of a country
The amount of profit generated in a particular fiscal year helps in forecasting future trends about fashion design.
These are the most influential factors that determine the future of fashion. Apart from these factors, there are several other socioeconomic reasons that influence the fashion world in a positive or negative way.
Types of forcasting
Forcast can be viewed based on the duration of events as either a short term or long term.
Long term forcasting
Long term forecasting evaluates certain trends and looks into the past for sources of information. The fashion forecasting in case of long term forecasting lasts over 2 years. Several factors like demographics, climate, major international incidents, consumer expectations, etc heavily influence long term fashion trend forecasting. Long term forecasting is generally carried out by specialized marketing consultants who have certain experience in the field.
Short term forcasting
Short term forecasting also referred to as fad forecasting. As the name implies, it focuses on short term trends. Short term forecasting focuses heavily on pop culture and celebrity wears. Events where showbiz stars and celebrities are in attendance, these events includes, art events, major sports events, social functions like cultural events and weddings, religious functions some scientific changes also help in short term fashion trend forecasting.
Importance of fashion forcasting
In this modern world of internet connectivity and accessibility. A world where fashion is of high demand. Red carpet has been a hit for most fashion sensation. Most designers draw inspiration from these trends to forcast future trends.
Since fashion cuts into other sectors like automobiles, housing/real estate, food, interiors and others, without correct forecasts about the fashion world, the production of dresses can be hampered and thus the economy of certain companies can dwindle. Fashion trend forecasting is also very important from a company’s perspective. Not only that forecast helps in mass production but also they affect the overall image of the organization. In this fast era, mistakes in fashion can be very dangerous and harmful.
Responsibility of trend forecasting for a company
As earlier noted, fashion trends, heavily influence the economy of certain organization. Showbiz are major brands that deals more with fashion trends. Predicting future trends are case sensitive to women. Women’s fashion is very volatile and changes every few days, unlike men’s fashion which changes only due to a certain specific event. Major companies have their dedicated fashion team that is responsible for forecasting the future possible trends. Marketing experts also play an important role in forecasting future trends. They set up customized advertisements that set up a stronger foothold for a certain type of fashion.
If you are a fashion enthusiast who understands how the fashion world works. Refing your trend forecasting skills will surely boost you up in the fashion ladder.