Lesson: Fashion Forecasting
So what is Fashion Forecasting?
Fashion Forecasting is a prediction and focuses on upcoming trends.
They hired a person or a company which is the fashion forecaster, they will predict and responsible for attracting consumers and helping retail business and designer to sell their brands.
To predict what is popular, it falls into two major categories.
One is the Long term forecasting and other is short term forecasting.
Long term forecasting:
-It last over 2 years. Could be as long as five years.
-Focus on the direction of the industry, materials, design production and retailing.
-Demographic of certain areas.
-Both urban and suburban
-Major changes in international and domestic demographics, shift in fashion industry, market structures, consumers expectation, values, impulsion to buy, new developments in technology and science, shift in the economic, political and cultural alliance between certain countries.
Short term forecasting:
-It envision trends one or two years in the future.
-Both domestically/internationally
-influence by pop culture
-Focus on seasonal colour palette, silhouette.
-Major influence: on current events, For example: Arts, sports, science and technology.
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Trend forecaster
A trend forecaster is responsible for identifying new trends and predicting how those trends will shape a certain industry.
It's ability to analyze fashion and cultural trends is the key to spotting patterns in consumer behavior and leveraging those insights to help brands connect with their audiences.
Since trend forecasting is both an analytical and a creative process, it requires a broad skill set in order to work in this field.
Analytical skills
Being able to analyze trends and having strong analytical skills.
Creativity
Sometimes you have to think outside the box when predicting the next big thing.
Knowledge of the industries
By doing research on a particular industry and find out what trends are currently showing up in news coverage or social media.
Media savvy
Many trends nowadays shaped through the use of traditional and social media, it's a crucial part to spot those patterns in media coverage.
