What is Fashion Trend Forecasting?
Fashion forecasting also known as fashion forecasting is a study that looks at the current fashion and predicts the future and upcoming trends. The forecaster focuses on certain key elements such as color, fabric, design, print, graphics, etc. to predict future trends related to the industry. It applies to all sectors of the fashion industry, be it streetwear, ready-to-wear or any other category. Forecasters not only to this industry, but also look at the performance of other key industries such as – automobiles, food, books and home appliances, etc. to predict future trends in fashion.
Factors governing behavior:
Popular fashion, also called pop fashion, is a dynamic market and depends on several external factors. Some of the factors that significantly affect future trends are-
Color and Fabric – These are the two main factors that affect the industry. Forecasters use these two factors extensively to predict the future of fashion.
Acquaintances – This is perhaps the most influential determinant of future trends. The Red Carpet is the place to look for future fashion trends.
Economics – The economy and how profitable the fashion industry is in a particular financial year also helps in forecasting the future trends in fashion manufacturing.
These are the most influential factors that determine the future of fashion. Apart from these factors, there are several other social and economic factors that influence the fashion world in a positive or negative way.
Long-term forecast VS Short-term forecast:
Long-term forecasting examines alternative trends and looks to the past for sources of information. Fashion forecasting or long-term forecasting takes two years. Several factors such as demographics, weather, major global events, consumer expectations, etc. heavily influence long-term fashion forecasts. Long-term forecasting is usually done by marketing consultants who have some experience in the field.
Short-term forecasting, also known as fashion forecasting primarily predicts changes in the future of fashion design. Short-term forecasts rely heavily on pop culture and celebrity outfits. Other events like art events, major sporting events, some scientific breakthroughs also help in short-term fashion forecasting.
Fashion forecasting is critical in today’s world of internet connectivity and accessibility. Without correct and accurate forecasting of the fashion world, clothing production may be affected and thus the economy of some companies may decline. Fashion trend forecasting is also very important from a company point of view. Not only does forecasting help in productivity but it also affects the overall image of the organization. In this fast-paced world, fashion mistakes can be dangerous and dangerous.
The task of predicting the future of the company- .
As mentioned earlier, fashion trends greatly affect the economics of any organization. Also, predicting future trends is an important task. Women’s fashion evolves and changes every few days, unlike men’s fashion which changes because of one event. Larger companies have their own dedicated fashion team responsible for predicting potential futures. Marketing professionals also play an important role in predicting future trends. They have made customized ads that create a strong foundation for a certain type of fashion.