Fashion trend forecasting, also known as fashion forecasting, is a study that focuses on current fashion and predicts future and upcoming trends. The forecaster focuses on some key elements like color, fabric, texture, print, graphics, etc. to predict future trends related to the sector. This applies to all areas of the fashion industry, be it streetwear, ready-to-wear, or any other type. The trend forecast not only focuses on this industry but also considers the profitability of other major industries like automobiles, food, literature,, and furniture, etc. to predict the future fashion trend.
Factors that determine trends:
Trend fashion, also known as pop fashion, is an unstable market and depends on various external factors. Some of the factors that greatly influence future trends are:
color and fabric are the two most important factors influencing the industry. Forecasters use these two factors extensively to predict the future of fashion.
Celebrities - This is probably the most influential factor in determining future trends. The red carpet is the place to look at future fashion trends.
Country Economy - The economy of the country and the number of profits made by the fashion industry in a given fiscal year also help in predicting future trends in fashion design.
Here are the most influential factors determining the future of fashion. Aside from these factors, there are several other socio-economic causes that are having a positive or negative impact on the fashion world.
Long-term forecasts VS Short-term forecasts:
Long-term forecasts assess certain trends and look to the past for sources of information. The fashion prediction in a long-term forecast takes more than 2 years. Several factors such as demographics, climate, major international events, consumer expectations, etc. have a major impact on predicting fashion trends over the long term. Long-term forecasts are usually made by specialized marketing consultants who have industry experience.
Importance -
Predicting fashion trends is very important in today's world of internet connectivity and internet access. Without accurate and reliable forecasts for the fashion world, the production of clothing can be difficult and therefore the economy of some companies can shrink. Predicting fashion trends is also very important from a business point of view. Forecasting not only helps in mass production but also affects the overall picture of the organization. In this busy time, fashion blunders can be very dangerous and damaging.
Responsibility to predict trends for the company -
As mentioned earlier, fashion trends have a major impact on an organization's profitability. Anticipating future trends also plays a very important role. Women's fashion is very changeable and changes every few days, in contrast to men's fashion, which only changes under the influence of a specific event. Big companies have their own dedicated fashion team that is responsible for predicting possible future trends. Marketers also play an important role in predicting future trends