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 related to the industry. It applies to all fields of the fashion industry, be it streetwear, ready-to-wear or any other type. Trend forecasters not only focus on this industry, but also take into account the viability of other major industries like: automobiles, food, literature, and home furnishings, etc. to predict the future trend in fashion.
Factors determining trends:
Popular fashion, also called pop fashion, is a volatile market and depends on various external factors. Some of the factors that greatly influence future trends are:
- Color and fabric: These are the two most important factors affecting the industry. These two factors are widely used by forecasters to predict the future of fashion.
- Celebrities – This is probably the most influential factor determining future trends. The red carpet is the place to check out future fashion trends.
- The economy of a country: The economy of a country and the amount of profit that the fashion industry generates in a particular fiscal year also helps in forecasting future trends in fashion design.
These are the most influential factors determining the future of fashion. Apart from these factors, there are several other socio-economic reasons that influence the world of fashion in a positive or negative way.
Long Term Prognosis VS Short Term Prognosis:
long term prognosis evaluate certain trends and look for sources of information in the past. The fashion forecast in case of long-term forecast lasts more than 2 years. Various factors such as demographics, weather, major international events, consumer expectations, etc. greatly influence the forecast of long-term fashion trends. Long-term forecasting is usually carried out by specialized marketing consultants who have some experience in the field.
short term forecast, also known as fashion forecasting, mainly specializes in predicting upcoming changes in the future of fashion design. Short-term forecasting is largely based on pop culture and celebrity fashion. Certain events like art events, major sports events, some scientific changes also help in forecasting short-term fashion trends.
Meaning –
Forecasting fashion trends is very important in the modern world of Internet connectivity and accessibility. Without correct and certain forecasts about the world of fashion, the production of dresses can be hampered and, therefore, the economy of certain companies can decline. Forecasting fashion trends is also very important from a business perspective. Not only does the forecast help in mass production, but it also affects the overall image of the organization. In this fast-paced age, mistakes in fashion can be very dangerous and damaging.
Responsibility for forecasting trends for a company.
As stated earlier, fashion trends greatly influence the economics of a certain organization. In addition, 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 specific event. Major companies have their dedicated fashion team that is responsible for forecasting potential future trends. Marketing experts also play an important role in forecasting future trends. They set up personalized ads that establish a stronger foothold for a certain type of fashion.
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