Fashion forecasting

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M.F.M 506

2. FASHION
FORCASTING
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UNIT-1

3. Fashion forecasting is the prediction
of mood, behaviour and buying habits
of the consumer. It is no longer a
question of identifying your
customers by age, geography or
income, but looking into how and why
they buy, based on their mood,
beliefs and the occasion.

4. ROLE OF
FASHION
FORCASTER??
Short - Term Forcasting
Long-Term Forcasting
Item 5
FASHION FORECASTERS
PREDICT WHICH
SILHOUETTES COLOURS,
TEXTURES, FABRICS,
GRAPHICS, PRINTS,
FOOTWEAR,
ACCESSORIES, ETC. WILL
BE THE FORTHCOMING
TRENDS ON THE RUNWAY
AND IN RETAIL STORES
FROM SEASON TO
SEASON. THEY DO THIS
BY EXAMINING NEW AND
EMERGING TRENDS
ACROSS ALL INDUSTRIES,
TO SEE HOW THEY MAY
INFLUENCE FUTURE
FASHION TRENDS. THIS
INCLUDES NEW
DEVELOPMENTS ACROSS
THE CREATIVE
INDUSTRIES. OF COURSE,
THEY’LL ALSO TAKE INTO
CONSIDERATION WHAT’S
HAPPENING IN THE
WORLD AND ANY
CULTURAL SHIFTS.

5. UPCOMING FLAVOURS

6. H
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7. Short -
Term
Forcasting
SHORT TERM FORECASTING IS USED BY PRODUCT
DEVELOPERS, MERCHANDISERS AND PRODUCTION
MANAGERS TO GIVE STYLE DIRECTION AND SHAPE
COLLECTIONS. FOR SHORT TERM FORECASTING MOST
APPAREL COMPANIES SUBSCRIBE TO ONE OR MORE
SERVICES, WHOSE JOB IS TO SCAN THE MARKET AND
REPORT ON THE DEVELOPMENTS IN COLOR, TEXTILES
AND STYLE DIRECTIONS. FORECASTERS REFLECT THE
EARLIEST VIEWS ON TRENDS SOME EIGHTEEN MONTHS
IN ADVANCE OF THE SEASON. AT THIS STAGE, COLOR IS A
CRUCIAL CONSIDERATION OF YARN MILLS. IT IS ALSO THE
FOCUS OF DISCUSSION AMONG OTHERS WHO ARE
INTERESTED IN VERY EARLY TREND DECISION-MAKING.
FASHION FORECASTERS COMBINE THE VIEWS EMERGING
ABOUT COLOR AND FABRIC FROM THE EARLY YARN AND
FABRIC TRADE SHOWS WITH THEIR SOCIO-ECONOMIC
AND CULTURAL ANALYSIS. MAJOR TRENDS IN
LIFESTYLES, ATTITUDE AND CULTURE IN PARTICULAR
MUSIC, SPORT, CINEMA AND TELEVISION ARE USED TO
PREDICT CHANGING CONSUMER DEMANDS. FASHION
FORECASTING INVOLVES THE FOLLOWING ACTIVITIES
SUCH AS STUDYING MARKET CONDITIONS, NOTING THE
LIFE STYLE OF THE PEOPLE, RESEARCHING SALES
STATISTICS, EVALUATING POPULAR DESIGNER
COLLECTIONS, SURVEYING FASHION PUBLICATIONS,
OBSERVING STREET FASHIONS ETC.

8. Long-Term
Forcasting
LONG TERM FORECASTING
(OVER 2 YEARS AHEAD) IS USED
BY EXECUTIVES FOR
CORPORATE PLANNING
PURPOSES. IT IS ALSO USED
FOR MARKETING MANAGERS TO
POSITION PRODUCTS IN THE
MARKETPLACE IN
RELATIONSHIP TO
COMPETITION.

9. Importance
of
forecasting
Forecasting is used in almost every area of
business today. Accurate analysis of
consumer trends is vital in forming brand
direction and development, in the creation of
relevant products and services and ultimately
in ensuring their success.
Some important practices involved in fashion
forecasting are:
Understanding the seasons, whether the
trends are being worked upon for Spring/
Summer or Fall/ Winter
Studying trends as per the selected season
and a closer look on the markets that are being
catered
Understanding the demography of that
particular area. Very importantly, deciding on
the product category

10. Elements
Of
Forcasting
Forecasting, therefore, helps to know the expected
profits or losses and just by going through certain
reports and records of the company, enables the
forecaster to take necessary decisions.
Decisionmaking becomes better and easier when
forecasting is undertaken on scientific basis.
1. Developing the ground work: It carries out an
orderly investigation of products, company and
industry.
2. Estimating future business: This follows a clear-cut
plan for working out future expectancies in the form
of natural undertaking with key executives.
3. Comparing actual with estimated results: Checking
the attained with anticipated results of the business
periodically and tracking down reasons for major
differences.
4. Refining the Forecast Process: Once familiarity with
estimating the future of the business is gained
through practice, sharpening the approach and
refining the procedure becomes quite easy.

11. THANK
YOU