Fashion Forecasting

Topics: Fashion, Fashion week, Marketing Pages: 13 (3980 words) Published: February 20, 2011
“Fashion used to come from one source at a time, be it the street, the runways or the entertainment business. The interesting thing about today is that influences come from high and low-everything from couture to Target.” –Michael Kors


What is Fashion forecasting?
Elements of Fashion Forecasting
The Direction of Fashion Change
The drivers of fashion change

The Fashion Forecasting Process

Forecasting fashion in the Indian scenario
Fashion Forecasting Period
Importance of Fashion Forecasting
Role of Merchandiser in Fashion Forecasting
How fashion forecasting is relevant in a new sample making?

What is Fashion forecasting?
Fashion forecasting is the prediction of mood, behavior and buying habits of the consumer. It is no longer a question of identifying your customers by age, geography or income, but looking into how and why they buy, based on their mood, beliefs and the occasion. Fashion forecasting is the prime issue underlying the issue of trends. It is not an occupational guessing game because very substantial amounts of money of the fashion industry are at stake. It is a vital activity where experienced fashion analysts scrutinize past buying patterns signs for current market dynamics and project these into the future. There are forecast agencies that collect facts pertaining to consumer buying patterns, activities and occasions for which clothes are needed, their priorities, reading habits etc. this is done through liaison with stores, retailers and wholesalers fashion professionals also rely on information sources such as design, colour and video Services, newsletters, books, magazines and websites. In order to gear up for the season to come, the fibre and textile producers must start new developments almost two years in advance, clothing and accessory manufacturers must have their products ready well in time months before the consumers' wearing season. Without well-judged projections of designs, colours and fabrics by the forecasters, the producers would not be able to sell in large quantities of unsold to be disposed through discount sales, the importance of the forecaster in trend analysis becomes invaluable.

Elements of Fashion Forecasting
Fashion Scan:
i) Following the latest fashion news to spot emerging fashion & lifestyle trends ii) Focus on color, textiles or style forecasting

Consumer Scan:
i) Attempts to identify clusters of people who share Characteristics ii) Usually combined with demographics, lifestyle, attitudes and behavior iii) Used to determine target market
iv) Can be used to better understand consumer behavior
Fashion Analysis:
i) Combines FASHION SCAN and CONSUMER SCAN to determine what is likely to happen next ii) Brings together expertise of a fashion insider & the insights of consumer behavior

Social and Economic Trends:
i) Cultural changes in society involve shifts in lifestyle and reflect changes in generational cohorts or cycles in the economy ii) Affects mass scale purchasing decisions
iii) Casual lifestyle, trend resistant consumer
iv) Megatrends-large scale shifts that cross industry lines

Trend Analysis:
i) Detects short & long term trends that affect business prospects

Competitive Analysis
i) Researches the plans and capabilities of competing firms by tracing public information sources. ii) Over time this allows for the benchmarking of activities against competitors and to develop an accurate view of the market environment.

Discovering the Zeitgeist
Zeitgeist = “The Spirit of the Times”
i) All cultural components respond to the spirit of the times ii) The power of the zeitgeist is the ability to coordinate across product categories iii) Fashion affects all product categories

iv) Individuals in large numbers choose among competing styles; they choose those styles that click or connect with the spirit of the times.

The Direction of Fashion Change...
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