Scope of Fashion Forecasting
Scope of fashion forecasting “Forecasting provides a way for executives to expand their thinking about changes, through anticipating the future, and projecting the likely outcomes.” (Lavenback and Cleary 1981).
To cope with the ever-changing world, the marketing segmentation and targeting techniques are rapidly evolving from traditional, static, demographic-based criteria towards dynamic, mood, lifestyle and psycho graphic influences. Fashion forecasting is the prediction of mood, behavior 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.
Fashion is a style that is popular in the present or a set of trends that have been accepted by a wide audience. But fashion itself is far from simple. Fashion is a complex phenomenon from psychological, sociological, cultural or commercial point of view. Fashion trends are the styling ideas that major collections have in common. They indicate the direction in which the fashion is moving. Fashion forecasters look for styles they think are prophetic, ideas that capture the mood of the times and signal a new fashion trend.
Long term forecasting (over 2 years ahead) is used by executives for planning purposes. It is also used for marketing managers to position products in the marketplace in relationship to competition.
Short term forecasting is used by product developers, merchandisers and production managers to get a style direction.
Few things have had as big of an impact on business in recent years as the concept of trend forecasting. With its ability to analyze fashion, technology and cultural trends, this key area of the media and marketing industries is dedicated to spotting patterns in consumer behavior and leveraging those insights to help brands connect with their audiences.
Being able to analyze trends is a key part of this role and having strong analytical skills is the best way to ensure that you’re successful in this position.
In addition to strong analytical skills, trend forecasting also requires a sense of creativity. This is because you’ll need to be able to think outside the box when predicting the next big thing.
Knowledge of one or more industries
Since most trend forecasters are focused on multiple industries, being an expert on those industries is an incredibly important part of this role. The best way to get this knowledge is by doing your research on a particular industry and finding out what trends are currently showing up in news coverage and on social media.