The Science Behind Fashion Forecasting - Issuu (2024)

2 minute read

Before the dawn of social media trends emerged through a trickle-down system. Runway shows and magazines dictated yearly trends and retailers followed suit, manufacturing ready-to-wear outfits. Recently, however, the influence of sharing, tweeting, and double-tapping has changed the way that trend forecasting agencies can predict the next craze. By observing the news, culture, and activity on various social media platforms, forecasters can extrapolate which trends will manifest–up to two years in advance.

One of the biggest trend forecasting companies is WGSN—World’s Global Style Network—which consults for brands such as Zara, H&M, Nike, and Topshop. WGSN identifies as the “World’s Trend Authority: what’s next, so you can make smarter decisions today”. Their global trend forecasters and data scientists “ decode the future to provide the authoritative view on tomorrow.” With experts in every major continent, they build locally sourced and globally relevant content, including trend intelligence, retail analytics, consumer insights and consultancy services. In short, WGSM predicts which colors, fabrics, and styles are soon to be “in.” They reach these conclusions through qualitative and quantitative data analysis and careful observation of media trends.

Take color, for instance. WGSM forecasts color palettes by using retail analytics to see which colors currently sell well as well as tracking what social media influencers are wearing. 2020’s predicted color? Neo-mint. The company’s color director, Jane Monnington Boddy, claims that neo-mint “aligns futuristic development with nature.” As technology and artificial intelligence become increasingly present in our lives, WGSM believes neo-mint encapsulates themes of innovation and advancement, combined with a yearn for a return to nature.

WGSM sources cite a recent interest in the cyberpunk genre, a popular ‘70s sci-fi vibe characterized by fear of artificial intelligence (think: Blade Runner, Ex-Machina).

Take Gucci’s FW18 show: set in a mock operating room with bright white ceiling tiles and green, scrubs-colored walls, models walked around operating tables while viewers sat in waiting-room style chairs. Gucci said the concept “reflects the work of a designer—the act of… splicing and reconstructing materials and fabrics to create a new personality.” The setting also points to the “biopunk” genre (like cyberpunk, but reflecting the implications of biotechnology). This is just one example of how forecasters like WGSM have combined data analytics with knowledge of our society; they synthesize information into predictions.

The applications of fashion forecasting reach far, but they also affect short-term operations for retailers like Shein or H&M, which specialize in mass-producing whatever is currently relevant. For instance, WGSM offers ready-made design templates which are updated constantly to reflect trends. Designers use these templates as a base and pick colors and fabrics predicted to sell successfully. As a result, stores often sell similar items, all of which lack the integrity of original work. Even WGSM founder Marc Worth criticizes the forecasting system. “Instead of looking for inspiration,” he observes, “brands are relying on templates...there’s no competitive edge.”

Do brands design clothes that add something substantial to existing sartorial paradigms? Or do brands design clothes purely to sell well in the upcoming season? Designers are increasingly forced to face the dilemma of maintaining their own aesthetics or using forecasted trends to bring in revenue. Regardless, fashion forecasting remains an extremely interesting new frontier. By examining the world around us—from technology to socio-economics to global conflicts to social media influencers—trend forecasters make meaningful predictions that, more often than not, lead retailers right to our shopping bags.

Writing SASHA BASH

Illustration LILIA JIMENEZ

Editing JENNA SCHNITZLER

The Science Behind Fashion Forecasting - Issuu (2024)

FAQs

What are the 4 things fashion forecasting involve? ›

The fashion forecast process includes basic steps of understanding the vision of the business and profile of target customers, collecting information about available merchandise, preparing information, determining trend, and choosing merchandise appropriate for the company and target customers.

How to trend forecast fashion? ›

For example, a trend forecaster needs to ensure that buying and visual merchandising teams are aware of upcoming trends. Different mood boards can be used to segment trends, as well as looking at trend themes, colour palettes, patterns and silhouettes.

How does WGSn forecast trends? ›

WGSN is the global authority on change, using expert trend forecasting combined with data science to help you get ahead of the right trends. We do this through consumer insight, product design direction and trading strategies so you can create sustainably and land the right trends at the right time to maximise sales.

Why is fashion forecasting difficult? ›

Fashion trends change very quickly, and new trends emerge almost every quarter, which undoubtedly brings great challenges to retailers. Because consumers vary widely in culture, age, geography, and economic status, it is difficult for retailers to predict the needs of all consumers.

What are the 3 most important components of forecasting? ›

-The forecast should be timely. -The forecast should be accurate. -The forecast should be reliable.

What are the four 4 main components in a forecast? ›

When setting up a forecasting process, you will have to set it across four dimensions: granularity, temporality, metrics, and process (I call this the 4-Dimensions Forecasting Framework). We will discuss these dimensions one by one and set up our demand forecasting process based on the decisions you need to make.

How does AI predict fashion trends? ›

Tapping into Artificial Intelligence

In particular, AI can process data such as fashion show images, social media posts, review content, online and in-store sales data, search engine queries, and additional clickstream behavioral data to make predictions faster and with greater accuracy than humans.

What are the seven steps in developing a fashion forecast? ›

7 Steps in Developing a Forecast

Determine the causes of change in the past. Determine the difference between past forecasts and actual behaviors. Determine the factors likely to affect trends in the future. Apply forecasting tools and techniques while paying attention to issues of accuracy and reliability.

What is the difference between fashion forecasting and trend forecasting? ›

Trend forecasting is an overall process that focuses on other industries such as automobiles, medicine, food and beverages, literature, and home furnishings. Fashion forecasters are responsible for attracting consumers and helping retail businesses and designers sell their brands.

How does trend forecasting really work? ›

Rather than guessing, trend forecasting is a process that uses historical consumer trend data and current market trend data to help businesses estimate consumer demand. Below, we'll lay out a step-by-step guide to trend forecasting so that your company can launch products and services that align with consumer demand.

How do you analyze forecast trends? ›

How to use trend forecasting
  1. Identify past trends. ...
  2. Look for patterns in the data. ...
  3. Assess the difference between past forecasts and actual consumer behavior. ...
  4. Determine your hypothesis. ...
  5. Create a forecasting model.
Jun 24, 2022

How accurate is WGSN? ›

With 90%+ forecasting accuracy, we show you how to adapt your product range to maximise sales, minimise markdown and trade sustainably.

What are the two methods used in fashion forecasting? ›

Explanation: Trend research and customer research are two types of research commonly used in fashion forecasting. Trend research involves analyzing and predicting upcoming fashion trends, based on factors such as cultural influences, runway shows, and market analysis.

What is the conclusion of fashion forecasting? ›

Conclusion. Fashion forecasting is a complex and challenging process, but it is essential for the success of the fashion industry. By using research, analysis, and creativity, fashion forecasters can help predict future trends and ensure that the industry is producing styles that consumers want to buy.

What are the principles of fashion forecasting? ›

Fashion forecasting involves the following activities such as studying market conditions, noting the life style of the people, researching sales statistics, evaluating popular designer collections, surveying fashion publications, observing street fashions etc.

What are the 4 principles of forecasting? ›

The general principles are to use methods that are (1) structured, (2) quantitative, (3) causal, (4) and simple.

What are the 4 types of forecasting models? ›

The four basic types are time series, causal methods (like econometric), judgmental forecasting, and qualitative methods (like Delphi and scenario planning).

What is 4 way forecasting? ›

4-Way Forecasting is an incredibly powerful tool that allows you to create an integrated forecast across the profit and loss statement, balance sheet, cash flow statements and financial ratios.

What are the 4 forecasting methods for calculating the required quantity of goods? ›

4 inventory forecasting methods for demand planning
  • Quantitative forecasting. This model of inventory forecasting uses historical sales data to anticipate future sales. ...
  • Qualitative forecasting. ...
  • Trend forecasting. ...
  • Graphical forecasting.

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