Fashion forecasting is the prediction of mood, behavior and buying habits of the consumer. It is no longer a doubt in identifying you customer by age, income or social status and geography. Rather looking into how and why would they buy, according to their mood, beliefs and occasion. It helps in predicting the future direction of something which would affect the businesses’ decisions and buying and sales of an individual.
Fashion is a style which gets acceptance by a wide audience which ultimately makes it popular. Fashion trends are the styling ideas that major collections have in common. Therefore, fashion forecast gives the direction to fashion in which it is moving. In short, fashion forecaster look for styles they think are inspiring, ideas that attract the mood of the times. This is done with the analysis of existing data to try to spot the upcoming trends.
Forecasting the future demand for particular styles, fabrics and colors is an important aspect of the fashion industry. Fashion forecasting is an important activity. It is to ensure that the process of observation of short and long term planning which is based on sound and rational decisions and not hype. So, forecasting links the gap between uncertain, conflicting signs and the action taken by the design team.
“Fashion forecasting combines theories of fashion changes with the process of organizing and analyzing the information and synthesizing the data into actionable forecast. “
Forecasting is a creative process that one understands, practice and apply. In other words, it gives a way to expand thinking about changes, via predicting the future. As well as projecting the likely outcomes.
There are 2 types of forecasting –
- Short term forecasting
- Long term forecasting
Short Term Forecasting –
It is mainly use by the product developers, merchandisers and production managers to give style directions and shape collections. Moreover, it runs on the principle of trend discovery on current national and international events for instance, sports,art and culture. However, most apparel companies take one or more services, whose job is to scan the market and report on the developments in color, textile and style directions.
Long Term Forecasting –
Long term forecasting is exploring and rating trends. Basically, use by executives for corporate planning purposes. This fashion lasts for 2 years. In short, long term forecasting identifies the major changes both globally and domestic grounds. Also, the informations in this research are give to brands and retail businesses. This will help them to understand customer requirements. s a result of this they develop and manufacture product in line with that.
Steps for Fashion Forecasting –
- Firstly, gather and identify the facts about past trends and forecasts . Secondly, investigate through different sources. Do proper research and come up with fresh findings, better ideas.
- Find out the cause behind the change. Along with this sort all the information. Judge the designs and patterns from the data, samples and images collection.
- Adjudicate the difference between past forecast and current customer behavior. Considering what, why, and how a certain trend is catching up and how will it manifest.
- Determine the factors which will affect the future trends.
- Implement forecasting tools and techniques while paying attention to issues of accuracy and reliability.
- Forecast possible trends and explain it with available sources and data, facts.
- Moreover, provide the thoughts, outputs and ideas behind the prediction via illustration and presentation. Aslo,revise the forecast when necessary.
That’s all for fashion forecasting. Do share your views in the comment section below.