The targeting techniques and marketing segmentation are rapidly evolving from traditional, static, demographic-based criteria towards dynamic, mood, lifestyle and psychographic influences to cope with the ever-changing world. Fashion forecasting is the prediction of mood, buying habits and behaviour of the consumer. It is no longer a question of classifying your customers by age, geography or income, but looking into why and how they buy, based on their mood, expectations and the occasion. Fashion forecasting is an important exercise to ensure that the process of observation related to short and long term planning is based on sound and rational decision making and not hype. It involves activities such as studying market conditions, noting the lifestyle of the consumers, evaluating popular designer collections, researching sales statistics, surveying fashion publications, observing street fashions, etc. A few crucial activities involved in fashion forecasting are:
Understanding the seasonal trends and how they are being worked upon for Spring/Summer or Fall/Winter
Analysing trends as per the selected season and a closer look at the markets that are being catered
Understanding the demography of that particular area
Very importantly, deciding on the product category
Long-term forecasting has to do with macro trends, significant shifts in fashion applicable for more than two years. These are the big-picture trends representing fashion business and marketing, such as changes in demographics and lifestyle in the society. Executives use it for corporate planning purposes, whereas marketing managers use it to position products in the marketplace concerning the competition.
Short-term forecasting concerns micro trends. Short-term predictions vary from season to season and typically have to do with colour, style, and the impact of current events or pop culture. Product developers, merchandisers and production managers use it to give form direction and shape collections. Most fashion brands subscribe to one or more services, and their job is to study the market and report on the progress in colour, textiles and style inclinations.
An accurate analysis of consumer trends is vital in developing brand direction and formation, creating relevant products and services, and ultimately ensuring their success. Trend forecasting has become one of the essential weapons over time in a retailer’s competitive market. In a fast-moving and crowded marketplace, distinguishing ‘what’s hot and what’s not’ is vital to stay one step ahead of the competition. By examining current, emerging trends across all industries and meticulous considerations, forecasters arrive at inferences to see how they may inspire future fashion trends. This includes new developments across the creative industries.
Over the past few years, India has witnessed the entry of several fashion brands of international repute. It is the perfect time for young aspirants to start a career in fashion designing. It is, however, vital for you to choose courses in fashion designing carefully. If you wish to work in fashion, it’s critical to understand the role forecasting plays in the industry today and how to use its information in strategic planning. Select a course that educates you in fashion forecasting. The Indian Institute of Art and Design, Delhi, is a leading design school in the country that offers the ultimate fashion design courses at UG and PG levels. Students can learn to examine new and emerging trends across all industries to see how they may influence future fashion trends. This includes new developments across the creative industries, considering what’s happening globally and any cultural shifts. Enrol with IIAD today to learn the fashion design course and to master the science of forecasting by being in sync with the latest trends.
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