What is fashion forecasting process?
The fashion forecasting process includes the basic steps of understanding the vision of the business and profile of target customers, collecting information about available merchandise, preparing information, determining trends, and choosing merchandise appropriate for the company and target customer.
It is vital for designers to develop relevant products to fit consumers' demands. Trend forecasting provides designers with consumer insights to strengthen their product ranges for a post coronavirus world. Trend Forecasting is the process of researching and formulating predictions on consumers future buying habits.
Long term fashion forecasts look at information such as demographics, social trends and new technology. For example, a sportswear company may try to judge what sports will be most popular in the coming years.
7 Steps in Developing a Forecast
Identify the basic facts about past trends and forecasts. 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.
A fashion forecaster in simpler terms, predicts colors, fabrics, textures, materials, prints, graphics, beauty/grooming, accessories, footwear, street style, and looks that are showcased on the runways.
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. Observation is not enough.
Fashion forecasting is the prediction of the trends and styles of apparel and accessories which are new directions in fashion, that the majority of people would like to buy at a given time and place. It is anticipating the customers wants & needs by Designers, Merchandisers & Buyers.
What Is Forecasting? Forecasting is a technique that uses historical data as inputs to make informed estimates that are predictive in determining the direction of future trends. Businesses utilize forecasting to determine how to allocate their budgets or plan for anticipated expenses for an upcoming period of time.
Accurate analysis of consumer trends is vital in forming brand direction and development, in the creation of relevant products and services and ultimately in ensuring their success. Trend forecasting has fast become one of the most important weapons over time in a retailer's competitive market.
Fashion forecasters predict which silhouettes colours, textures, fabrics, graphics, prints, footwear, accessories, etc. will be the forthcoming trends on the runway and in retail stores from season to season.
What companies provide fashion forecasting?
- Heuritech.
- WGSN.
- Trendzoom.
- Trendstop.
- TOBE TDG.
- Fashion Snoops.
- Patternbank.
- Trendcouncil.
The process by which a particular design, activity, color, etc., comes into some popularity and then phases out.
A trend is what's hip or popular at a certain point in time. While a trend usually refers to a certain style in fashion or entertainment, there could be a trend toward warmer temperatures (if people are following trends associated with global warming).
Forecasting trends is a key part of marketing and design strategies in the fashion and textiles industries. Anticipating where the market will be in future gives the designer an important commercial tool.
- Identify the Problem. ...
- Collect Information. ...
- Perform a Preliminary Analysis. ...
- Choose the Forecasting Model. ...
- Verify Model Performance.
There are three basic types—qualitative techniques, time series analysis and projection, and causal models.
- Time series model.
- Econometric model.
- Judgmental forecasting model.
- The Delphi method.
Aspiring fashion forecasters must spend years working in the industry before becoming salaried fashion forecasters, especially for a top firm. So in addition to a degree, employers prefer a minimum of 5-7 years experience in the fashion industry in areas such as marketing, retail, product development, or merchandising.
In this role, you will work on future design and product trends, forecasting relevant thought ... fashion + street trends and subcultures.
But forecasting isn't a single skill, so much as a constellation of different skills. Naturally, it's important to have top-notch technical expertise and the ability to model data effectively. But it's also about having commercial acumen and being able to communicate effectively with others across the organisation.
What are the two types of fashion forecasting?
Long-Term Forecast Techniques
Some high-end consultants work directly for businesses, providing long and detailed manifests containing their predictions. Overall, it's a more subjective approach than short-term fashion forecasting, which is more about observing what's happening culturally on the ground.
