IMPORTANCE OF FASHION FORECASTING
By Jahanvi
- Fashion Design Faculty
Forecasting is usedin almost every area of business today. Accurate analysis of consumer trends isvital in forming brand direction and development, in the creation of relevantproducts and services and ultimately in ensuring their success. Trendforecasting has fast become one of the most important weapons over time in aretailer’s competitive market. In a fast moving and crowded marketplace,identifying ‘what’s hot and what’s not’ is crucial in staying one step ahead ofthe competition.
Essentially,fashion forecasters predict the collection of silhouettes, colors, textures,fabrics, graphics, prints, footwear, accessories that will be the forthcomingtrends on the runway and in retail stores from season to season. By examiningnew, emerging trends across all industries and meticulous considerations theyarrive at conclusions to see how they may influence future fashion trends. Thisincludes new developments across the creative industries.
Some important practicesinvolved in fashion forecasting are:
- Understandingthe seasons, whether the trends are being worked upon for Spring/ Summer orFall/ Winter
- Studyingtrends as per the selected season and a closer look on the markets that arebeing catered
- Understandingthe demography of that particular area
- Veryimportantly, deciding on the product category
Forecasting definespast trends and upcoming trends in addition to anticipating future developmentsby watching for signals of change in current situations. There are manyimportant things that are a major part of the forecasting process. Firstly, wehave trends. Trends may be emerging or declining, it has identifiablesimilarities across information sources. It is characterized by the building ofawareness and the extent of it among consumers. Secondly, we have fad. Fads areshort term trends. They are accepted among a relatively small group ofconsumers and can be linked to geographical areas quickly. Next are classics orlong term trends. Any product or style that gains certain visibility, generatesmultiple purchases, and reaches a level of widespread acceptance that continuesover a period of time is a classic. These have a certain core attribute that isdesirable while avoiding extreme styling. Lastly and importantly, fashion.Fashion is a style that is popular in the present day, it is a set of trendsthat have been accepted by a wide audience and it is a complex phenomenon, apsychological, sociological, cultural or commercial point of view that we allparticipate in.
As the pace of fashion has gained momentum over time, the speed ofthe trend cycle has also accelerated and the demand for trend information hasrisen. Catwalk shows streaming live, the ability for consumers to ‘shop thelook’ before the model has even left the runway and retail sectors obsessionwith reducing turn-around times has created a necessity within forecasting toconstantly supply fresh trend direction. This has not only led to a majorgrowth in the forecasting industry but also seen it change in a very shortperiod of time.
The World Global Style Network, commonly known as WGSN is one ofthe leading trend forecasting companies globally. WGSNis an invaluable tool that predicts thetrends taking holdforfashion consumers around the world.
As the great Coco Channel once said, “Every dayis a fashion show and the world is your runway.” Fashion would not be herewithout fashion forecasting.
