Fashion forecasting


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Fashion forecasting

  1. 1. By Sunil Talekar, SOFT FASHION FORECASTING
  2. 2. FASHION FORECASTING * Foreseeing fashion trends and predicting those trends early enough to allow time for production to meet the consumer demand. * Because of the time required for textile design and development, the textile segment leads in recognizing fashion directions. * Textile designers work at least 18 months ahead of the schedule for products to hit the market.
  3. 3. FASHION TREND *** The direction of movement of public acceptance of color, texture, and silhouette in fashion. •What are the newest styles and silhouettes? •What are the important colors for upcoming seasons? •What are the newest developments in the fiber and fabric markets? •What is happening to materials and labor prices? •Where are companies having garments made?
  4. 4. THE IMPORTANCE OF FORECASTING * Accurate forecasting makes it possible for the fashion industry segments to prepare for and meet consumer demand with products that will be accepted and purchased. * Keen worldwide competition increases the importance of accurate trend identification.
  5. 5. WHO IS INVOLVED IN FORECASTING? (cont.) Examples of fashion services * Doneger Creative Services * Promostyl * ESP Trend Lab * Carlin International * Here and There * Trend Union * WGSN
  6. 6. WHO IS INVOLVED IN FORECASTING? (cont.) Fashion designers Color services: Fashion and textile industry professionals who meet twice a year to pool their knowledge of color cycles and preferences and to project color trends for the future. Yarn colors or swatches are sent to designers and merchandisers to plan their color stories and purchase fabrics.
  7. 7. WHO IS INVOLVED IN FORECASTING? (cont.) Examples of color services * Standard Color of Textile Dictionnaire * Pantone, Inc. * International Color Authority * The Color Box * The Color Marketing Group * Concepts in Color * Huepoint * Color Portfolio, Inc.
  8. 8. WHO IS INVOLVED IN FORECASTING? (cont.) * Fashion merchandisers * Retail store owners/managers
  9. 9. ACTIVITIES IN FASHION FORECASTING • Making and reporting predictions • Coordinating information from fiber, yarn, and apparel companies, and textile shows worldwide • Analyzing the fashion press, visiting the world’s fashion centers, and observing fashion leaders
  10. 10. ACTIVITIES IN FASHION FORECASTING • Conducting marketing research – Consumer research • Surveys by telephone or mail to determine income levels, lifestyles, fashion preferences, and shopping habits • Consumer focus groups to discuss the pros and cons of currently offered merchandise • In-store informal interviewing to assess what customers like and dislike
  11. 11. ACTIVITIES IN FASHION FORECASTING • Conducting marketing research (cont.) – Market research • Study of market conditions • Study consumer lifestyles • Study of current events, the arts, and the mood of the public
  12. 12. ACTIVITIES IN FASHION FORECASTING • Conducting marketing research (cont.) – Sales research • Evaluation of previous sales trends • Rising sales • Declining sales • Weak sales
  13. 13. ACTIVITIES IN FASHION FORECASTING • Conducting marketing research (cont.) – Comparison shopping • Current popular designer collections • Review of fashion publications, catalogs, websites • Observation of “street” fashions and celebrity wardrobes
  14. 14. SOURCES OF INFORMATION • Trade publications – Magazines, newspapers, and books about and for a specific industry – Examples: WWD and DNR
  15. 15. SOURCES OF INFORMATION • Consumer publications • Magazines that provide fashion news for the consumer • Examples: Teen, Vogue, Glamour, G