Fashion forecasting is a global career that focuses on upcoming trends. A fashion forecaster predicts the colors, fabrics and styles that will be presented on the runway and in the stores for the upcoming seasons. The concept applies to not one, but all levels of the fashion industry including haute couture, ready-to-wear, mass market, and street wear. Trend forecasting is an overall process that focuses on other industries such as automobiles, medicine, food and beverages, literature, and home furnishings. Fashion forecasters are responsible for attracting consumers and helping retail businesses and designers sell their brands. Today, fashion industry workers rely on the Internet to retrieve information on new looks, hot colors, celebrity wardrobes, and designer collections.
Long-term forecasting is the process of analyzing and evaluating trends that can be identified by scanning a variety of sources for information. It is a fashion which lasts over 2 years.When scanning the market and the consumers, fashion forecasters must follow demographics of certain areas, both urban and suburban, as well as examine the impact on retail and its consumers due to the economy, political system, environment, and culture. Long-term forecasting seeks to identify: major changes in international and domestic demographics, shifts in the fashion industry along with market structures, consumer expectations, values, and impulsion to buy, new developments in technology and science, and shifts in the economic, political, and cultural alliances between certain countries. There are many specialized marketing consultants that focus on long-term forecasting and attend trade shows and other events that notify the industry on what is to come. Any changes in demographics and psychographics that are to affect the consumers needs and which will influence a company’s business and particular [niche market] are determined.
Short-term forecasting focuses on current events both domestically and internationally as well as pop culture in order to identify possible trends that can be communicated to the customer through the seasonal color palette, fabric, and silhouette stories. It gives fashion a modern twist to a classic look that intrigues our eyes. Some important areas to follow when scanning the environment are: current events, art, sports, science and technology.
Responsibility for trend forecasting
Each retailers trend forecasting varies and is mainly dependent upon whether the company is a wholesale brand or private label developer. Larger companies such as Forever 21, have their own trend departments where they follow the styles, fabrics, and colors for the upcoming seasons. This can also be referred to as vertical integration. A company with its own trend department has a better advantage to those who do not because its developers are able to work together to create a unified look for their sales floor. Each seasonal collection offered by a product developer is the result of trend research focused on the target market it has defined for itself. Product developers may offer anywhere from two to six seasonal collections per year, depending on the impact of fashion trends in a particular product category and price point. Women’s wear companies are more sensitive to the whims of fashion and may produce four to six lines a year. Men’s wear companies present two to four lines a year, and children’s wear firms typically present three to four seasonal collections. For each season a collection is designed by the product developers and is based on a specific theme, which is linked to the color and fabric story. A merchandiser also plays a key role in the direction of upcoming trends. Different from developers, merchandisers have much more experience in buying and are knowledgeable in what consumers will be looking for. The designer takes the particular trends and then determines the styles, silhouette’s, and colors for the line and garments while creating an overall theme for the particular season.
Monitors orders for actual demand and issues timely updates to planning group.
Assist in collecting, analyzing, and providing feedback on market intelligence.
Support customer demand using historical usage patterns, seasonality, new product introductions, and other related activities.
Identifies and recommends enhancements to supply chain systems to improve forecasting.
Maintain and analyze actual usage versus forecast and recommend changes to enhance productivity and customer satisfaction.
Monitor inventory levels, and maintain control and management systems within assigned facilities or locations in accordance with company policies and procedures.
Maintaining forecasting database.
Analyzing and providing feedback on market information and communicating item availability with sales.