What is fashion trend forecasting?
Fashion trend forecasting, also known as fashion forecasting, is a study that focuses on current fashion and predicts future and emerging trends. Forecasters focus on certain key elements such as color, fabric, texture, printing, graphics, etc. to predict future industry trends. It is suitable for all areas of the fashion industry, be it streetwear, ready-to-wear or any other type. Trend forecasters not only pay attention to this industry, but also consider the viability of other key industries, such as automotive, food, literature and home furnishings, to predict future fashion trends.
Factors that determine the trend:
Popular fashion, also known as fashion, is a volatile market that depends on various external factors. Some factors that seriously influence future trends are:
- Color and fabric – these are the two main factors influencing the industry. Forecasters use these two factors extensively to predict the future of fashion.
- Celebrities – this is perhaps the most influential factor in determining future trends. The red carpet is a place to look out for future fashion trends.
- A country’s economy – a country’s economy and the profits generated by the fashion industry in a given fiscal year also help predict future trends in fashion design.
These are the most influential factors determining the future of fashion. In addition to these factors, there are several other socio-economic reasons that affect the fashion industry in a positive or negative way.
Long Term Forecast vs Short Term Forecast:
Long-term forecasts assess certain trends and look back to find sources of information. In the case of long-term forecasts, fashion forecasts last more than 2 years. Several factors, such as demographics, climate, major international events and consumer expectations, have seriously influenced the long-term predictions of fashion trends. Long-term forecasting is generally performed by professional marketing consultants with some experience in this field.
Short-term forecasts, also known as fashion forecasts, are mainly aimed at predicting the near future changes in fashion design. Short-term predictions rely heavily on popular culture and celebrity wearing. Certain events, such as art events, major sporting events, and some scientific changes can also help predict short-term fashion trends.
Fashion trend forecasting is very important in the modern world of internet connectivity and accessibility. If there is no accurate and definitive forecast for the fashion industry, the production of dresses can be hampered, causing the economy of some companies to shrink. From the company’s point of view, predicting fashion trends is also very important. Forecasts not only contribute to mass production but also affect the overall image of the organization. In this fast-paced era, fashion mistakes can be very dangerous and harmful.
Responsibilities of forecasting business trends-
As mentioned before, fashion trends greatly affect the economy of an organization. In addition, predicting future trends also plays a very important role. Women’s fashion changes a lot and changes every few days, while men’s fashion only changes due to specific events. Large companies have dedicated fashion teams responsible for forecasting possible future trends. Marketing experts also play an important role in predicting future trends. They run custom ads to make a particular fashion stronger.