Whether you are a brand owner or a fashion PR professional, knowing which trends will dominate the next fashion season is an important factor to pay attention to.
This is where fashion forecasting – or the art and science of predicting fashion trends come in.
Having access to a good forecast can help you predict what’s going to be hot next year so that you and your company don’t miss out on the latest trends. Plus, it can be a great way to get ideas for your own personal style!
In this blog post, we will explore the basics of this process.
What is fashion forecasting?
In fashion, the prediction of future trends is based on the interpretation and analysis of past and present style-related information, as well as an explanation of why the trend will occur.
Fashion forecasting is a technique that uses data to predict the next big fashion trends. It allows businesses and entrepreneurs to stay ahead of the curve so they can adjust their inventory accordingly. (1)
What are the benefits of forecasting?
Fashion forecasting is beneficial for both customers and retailers.
For consumers, understanding what’s going to happen in the world of fashion can help you make smarter buying decisions and get ahead when it comes to style trends. Plus, it will give you a better idea about how your personal look fits into the larger world of style.
For retailers, fashion forecasting provides a roadmap for the upcoming season. Understanding what’s going to be hot in style can help determine which pieces should be carried by your store and how many of each item should be ordered from suppliers.
Plus, it allows you to get ahead of other competing stores by selling items that will soon become popular with consumers!
How does fashion forecasting work?
Fashion forecasting is a way to predict what people will be wearing in the future. Professional trend forecasters use consumer research, expert opinion, and historical trends to make predictions about upcoming fashion.
It is not just about the trends that are coming up next season, but it’s also about understanding why they’re happening. Successful forecasters need to understand the factors that influence consumers’ buying decisions and how these decisions can change or remain consistent.
For example, there are five main drivers of consumer decision making which include: social influences, cultural influences, personal influences (i.e., personality), psychological needs fulfillment, and product attributes (i.e., quality).
These should all play a role in your forecast process because if you only look at one factor for your forecast projections then your results may be inaccurate or incomplete.
Fashion forecasts usually take place in the last quarter of each year, with data collection and analysis finishing before January. That way all new fashion lines for the upcoming season can be included on a seasonal schedule that is easily followed by retailers.
Specialists from many different professions come together to offer their expertise within this process: market research analysts, stylists, buyers, media relations managers, fashion PR agencies, trend scouts, and fashion editors.
These groups work with a variety of information sources to predict what will happen in the world of style next season.
What are these data sources?
For Press Loft’s own trend predictions, we also use our millions of media image downloads from this and past seasons to predict what is going to be the next big trend in terms of styles and colours.
The other main data sources involved are consumer-driven pieces of information from social network sites like Twitter or Facebook; however, other important analytics come into play as well, including print media and online publishing, fashion shows, runway imagery from high-end designers, style images of celebrities or street style bloggers.
In addition to these factors influencing future trends in the world of fashion, there are also some other important factors that help predict what’s going to happen next seasons such as technological developments (i.e., new fibers, fabrics, and man-made materials), political changes (i.e., new tariffs that may affect the price of certain textiles) or economic issues (i.e., currency fluctuations).
Predicting fashion trends is useful information when it comes to designing clothing lines for the upcoming season.
However, letting the world know about your awesome creations is equally as important for success in this super-competitive industry.
This is where Press Loft comes in.
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