A Comprehensive Guide on Fashion Trend Forecasting
What is Fashion Trend Forecasting?
Fashion trend forecasting also known as fashion forecasting is the study that focuses on current fashion and predicts 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 applies to all fields of the fashion industry, be it street clothes, ready-to-wear clothes or of any other type. 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.
Factors determining the trends:
Popular fashion also called pop fashion, is a volatile market and depends on several external factors. Some of the factors which heavily influence the future trends are-
- Color and Fabric – These are the two most important factors affecting the industry. The forecasters heavily use these two factors to predict the future of fashion.
- Celebrities – This is probably the most influential factor determining the future trends. The Red Carpet is the place to look upon for future trends in fashion.
- The economy of a country – The economy of a country and how much profit the fashion industry incurs in a particular fiscal year also 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.
Long term forecasting VS Short term Forecasting:
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 forecasting, also known as fad forecasting specializes mainly in predicting near about changes in the future of fashion design. Short term forecasting relies heavily on pop culture and celebrity wear. Certain events like art events, major sports events, some scientific changes also help in short term fashion trend forecasting.
Fashion trend forecasting is very important in the modern world of internet connectivity and accessibility. Without correct and certain 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 the 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 said, fashion trends heavily influence the economy of a certain organization. Also, the prediction of future trends is a very important role. 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.