By Jahanvi

• Fashion Design Faculty

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. Trend forecasting has fast become one of the most important weapons over time in a retailer’s competitive market. In a fast moving and crowded marketplace, identifying ‘what’s hot and what’s not’ is crucial in staying one step ahead of the competition.

Essentially, fashion forecasters predict the collection of silhouettes, colors, textures, fabrics, graphics, prints, footwear, accessories that will be the forthcoming trends on the runway and in retail stores from season to season. By examining new, emerging trends across all industries and meticulous considerations they arrive at conclusions to see how they may influence future fashion trends. This includes new developments across the creative industries.

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

Forecasting defines past trends and upcoming trends in addition to anticipating future developments by watching for signals of change in current situations. There are many important things that are a major part of the forecasting process. Firstly, we have trends. Trends may be emerging or declining, it has identifiable similarities across information sources. It is characterized by the building of awareness and the extent of it among consumers. Secondly, we have fad. Fads are short term trends. They are accepted among a relatively small group of consumers and can be linked to geographical areas quickly. Next are classics or long term trends. Any product or style that gains certain visibility, generates multiple purchases, and reaches a level of widespread acceptance that continues over a period of time is a classic. These have a certain core attribute that is desirable while avoiding extreme styling. Lastly and importantly, fashion. Fashion is a style that is popular in the present day, it is a set of trends that have been accepted by a wide audience and it is a complex phenomenon, a psychological, sociological, cultural or commercial point of view that we all participate in.

As the pace of fashion has gained momentum over time, the speed of the trend cycle has also accelerated and the demand for trend information has risen. Catwalk shows streaming live, the ability for consumers to ‘shop the look’ before the model has even left the runway and retail sectors obsession with reducing turn-around times has created a necessity within forecasting to constantly supply fresh trend direction. This has not only led to a major growth in the forecasting industry but also seen it change in a very short period of time.

The World Global Style Network, commonly known as WGSN is one of the leading trend forecasting companies globally. WGSN is an invaluable tool that predicts the trends taking hold for fashion consumers around the world. 

As the great Coco Channel once said, “Every day is a fashion show and the world is your runway.” Fashion would not be here without fashion forecasting.