In an era of social media and hyper connectivity, trend forecasting is becoming more and more important for businesses, thus, becoming a big and highly competitive industry.
Fashion world is an industry driven by trends and constant change where it’s vital for designers and manufacturers to remain ahead of the trend curve.
Fashion and trend forecasting is the prediction of mood behavior and buying habits of the consumer at particular time of season, a global career that focuses on new trends and fads in colors, silhouettes, fabrics and styles that will be presented on the runway for the upcoming season from haute couture, ready-to-wear and street wear. The internet, nowadays is the new “runway” to know what’s new and what’s hot.
Trend forecasts vary in different places depending in their geographic location, product availability, lifestyle, economic stability, as well as indigenous product available. Trend and trade forecasting depends on market evolution, emerging economic forces, crises and opportunities. Today, fashion consumers look into what they buy based on their culture, mood, beliefs, occasion and geographic locations.
Key factors in predicting new fashion seasons are colors and style playing a more important role in driving product innovation. One key concepts, for example, that has an impact and seems to stay in all areas of designs is the green trend, a push to using “organic” and “natural” materials and products made from recycled earth-friendly materials. Also, excessive luxury continues to influence product launches and lifestyles.
Take Mya Lingeries, an eco-conscious collection made mainly from white pine tree prunings, a collection made in small village in France rather than a factory in China. Also, Ecoist, a fashion label of handbags made from recycled, organic or earthly friendly materials manufactured through its network of fair trade partnerships around the world and through its web of fashion forecasting and networks.
Main factors affecting fashion trend forecasting are: seasons-spring, summer, fall and winter connecting certain colors with holiday and seasons; market intelligence – an input in helping product acceptance by collecting, compiling, analyzing filled out forms by consumers making it easier to know a product which is marketable; consumer research – surveys by phones, mail or customer feedback forms that are conducted, as well as informal interviews with consumers to know their style preference, availability and changes in products that they want.
Some of the biggest fashion trend forecasting companies are WGSN (first company to take forecasting online), Trendstop, Stylesight, Trendzoom, Trendwatching, WWD, Doneger Group, Kickstarter, Fashion Snoops, Peclers, Design Options, Cotton Inc., Nelly Rodi, Carlin and many more.