Scope of Fashion Forecasting

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Scope of fashion forecasting
“Forecasting provides a way for executives to expand their thinking about changes, through anticipating the future, and projecting the likely outcomes.” (Lavenback and Cleary 1981)

Long term forecasting (over 2 years ahead) is used by executives for planning purposes. It is also used for marketing managers to position products in the marketplace in relationship to competition. (http://www.fibre2fashion.com/industry-article/free-fashion-industry-article/fashion-forecasting/fashion-forecasting5.asp, 24/4/09)

Short term forecasting is used by product developers, merchandisers and production managers to get a style direction. For short term forecasting most apparel companies subscribe to one or more services, for scanning the market and keep check on the developments in color, textiles and style directions.

Forecasters try to analyse various trends and finally conclude a trend for the forthcoming season (some eighteen months in advance of the season). Color forecasting is an important consideration of yarn mills. It is also important among others who are interested in very early trend decision-making. Fashion forecasters combine the views emerging about color and fabric from the early yarn and fabric trade shows with their socio-economic and cultural analysis. Major trends in lifestyles, attitude and culture in particular music, sport, cinema and television are used to predict changing consumer demands. (http://www.fibre2fashion.com/industry-article/free-fashion-industry-article/fashion-forecasting/fashion-forecasting5.asp, 24/4/09)

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

ANALYSIS ON DESIGNER CODING SHEET
Question 1:
[pic]
|Yes |30 |
|No |0 |
| | |

According to the survey conducted by us we see that every designer strongly believes that there is a need for fashion forecasting team in India. Question 2:
[pic]
|Yes |6 |
|No |4 |
|Every week |5 |
|4-5times |8 |
|not fixed |2 |
|2 times |5 |
| | |

Through the survey conducted by us we infer that most of the designers/industry people (8) referred to the fashion forecasted trends at least 4-5 times. And the least number of people (2) referred to the forecasted trends at not very fixed intervals. Whereas, 6 people out of 30 referred to forecasted trends often.

Question 3:
[pic]
|Yes |19 |
|No |11 |

19 people according to the survey conducted by us have experienced the forecasting predictions gone wrong. Question 4:
[pic]
|Fringe |6 | |Trendy |17 | |Mainstream |7 | | | |

Our conducted survey showed that 6 people catered to the fringe market whereas, 7 catered to the mainstream market and 17 number of people (most number of people) were catering to the trendy market.

Question 5:
[pic]
|2season |12 |
|3season |2 |
|4season |10 |
|All |4 |
|Not follow |2 |
| | |

Most number of people i.e. 12 out of 30 people followed 2 seasons primarily, 10 people followed 4 seasons and least number of people either did not follow the seasons or followed 3...
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