Fashion Forecasting : How the Industry Predicts What Comes Next.

Fashion forecasting can be used for many different reasons, the main reason being staying on top of current trends and knowing what the consumer is going to want in the future. This method helps fashion brands know what to expect and what to begin producing ahead of time. Top name brands and high end companies such as Vogue and Gucci even use this method to help their designers become even more informed on what is to come in the fashion industry.

Fashion forecasting is a global career that focuses on upcoming fashion trends. A fashionforecaster predicts the colors, patterns, fabrics, textures, materials, prints, graphics, beauty grooming, accessories, footwear, street styles, and many other styles that will be presented on different runway shows and in stores in upcoming seasons. The concept applies to not one but every single level of the fashion industry from smaller box stores like Urban Planet  to massive high end fashion companies like PRADA.

The fashion forecast process includes basic steps of understanding the vision of the business and profile of target customers, collecting information about available merchandise, preparinginformation, determining trend, and choosing merchandise appropriate for the company and target customers. For example, fashion trend forecasting saw trends for 2022 consisting of oversize shirts and sweatshirts, with a continuation of the puff sleeve trend, and dresses and tops retaining their volume through to the end of the year.

Fashion forecasting consists of many different parts in order for it to be effective. There islong-term forecasting, which is the process of analyzing and evaluating trends that can beidentified by scanning many different sources for information, and ensuring that the trend islasting for over two years. Then there is short-term forecasting which focuses on current events both domestically and internationally as well as pop culture in order to identify possible trends that can be communicated to customers through different color plates, fabric, etc.

Long-term forecasting is the process of analyzing and evaluating trends that can be identifiedby scanning a variety of sources for information.It is a fashion which lasts over two 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 domesticdemographics, 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 tradeshows 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 willinfluence a company’s business and particular niche market are determined. 

Short-term forecasting

Short-term forecasting focuses on current events both domestically and internationally as wellas pop culture in order to identify possible trends that can be communicated to the customerthrough 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. Short-term-forecasting can also be considered fad forecasting. 

Difference between short-term and long-term forecasting

Two types of fashion forecasting are used: short-term forecasting, which envisions trends one to two years in the future and focuses on new product features such as color, textile, and style and long-term forecasting, which predicts trends five or more years out and focuses on the directions of the fashion industry with regard to materials, design production and retailing. Long-term forecasts contribute to a fashion firm’s development strategies and help it makedecisions related to repositioning or extending product lines, initiating new business, and reviving brand images. 

The classical way for fashion brands and agencies to forecast trends is by analyzing runway shows, trade shows, newspapers& magazines’ information, and market research.