Fashion Trend Forecasting: Market Intelligence
Companies in the fashion industry have cut-throat competition and are turning to market intelligence to survive, sometimes at the expense of their competitors.
Conventional market research is no longer sufficient, and the real-time data provided by social media and online data research companies are sought after for decision making.
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Fashion and trend forecasting is a process to predict the behaviour, buying habits and inclination of the consumer during a particular time of the year.
Apart from the age, geography, or income levels of the consumer, one has to look at the occasion, mood, beliefs, and fashion cycles and predict upcoming trends.
The calculation is done as follows: Season>Target Market>Consumer>Colors>Fabrics>Silhouette>Texture>Usage
Consumer feedback and suggestions are recorded by manufacturers to make the necessary tweaks to their product lineup.
Surveys are typically done by phone or customer feedback forms to find out about shopping habits, preferences, income and lifestyles.
The main purpose of the fashion and trend forecasting industry is to provide a desirable product that appeals to the customer's needs on time.
The fashion market only exists when a substantial number of customers buy the products.
Six months before every season starts, the merchandising and design departments speculate on upcoming trends, collecting valuable data from professional agencies, taking into account the current season/weather conditions.
They ensure colours are matching the seasons, with pastel colours for Spring, and earthy tones for the Fall season.
There are three ways of interpreting when each "fashion week" started.
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