FASHION FASHION FORECASTINGFORECASTING

By Sunil Talekar, SOFTBy Sunil Talekar, SOFT

* Foreseeing fashion trends and predicting * Foreseeing fashion trends and predicting those trends early enough to allow time for those trends early enough to allow time for production to meet the consumer demand.production to meet the consumer demand.

* Because of the time required for textile * Because of the time required for textile design and development, the textile design and development, the textile segment leads in recognizing fashion segment leads in recognizing fashion directions.directions.

* Textile designers work at least 18 months * Textile designers work at least 18 months ahead of the schedule for products to hit ahead of the schedule for products to hit the market.the market.

FASHION FORECASTINGFASHION FORECASTING

FASHION TRENDFASHION TREND*** *** The direction of movement of public acceptance of The direction of movement of public acceptance of color, texture, and silhouette in fashion.color, texture, and silhouette in fashion.

•What are the newest styles and silhouettes?What are the newest styles and silhouettes?

•What are the important colors for upcoming seasons?What are the important colors for upcoming seasons?

•What are the newest developments in the fiber and fabric What are the newest developments in the fiber and fabric markets?markets?

•What is happening to materials and labor prices?What is happening to materials and labor prices?

•Where are companies having garments made?Where are companies having garments made?

* Accurate forecasting makes it possible for * Accurate forecasting makes it possible for the fashion industry segments to prepare the fashion industry segments to prepare for and meet consumer demand with for and meet consumer demand with products that will be accepted and products that will be accepted and purchased.purchased.

* Keen worldwide competition increases * Keen worldwide competition increases the importance of accurate trend the importance of accurate trend identification.identification.

THE IMPORTANCE OF THE IMPORTANCE OF FORECASTINGFORECASTING

Examples of fashion servicesExamples of fashion services

* Doneger Creative Services* Doneger Creative Services* Promostyl* Promostyl* ESP Trend Lab* ESP Trend Lab* Carlin International* Carlin International* Here and There* Here and There* Trend Union* Trend Union* WGSN* WGSN

WHO IS INVOLVED IN WHO IS INVOLVED IN FORECASTING? (cont.)FORECASTING? (cont.)

Fashion designersFashion designers

Color services: Fashion and textile industry Color services: Fashion and textile industry professionals who meet twice a year to professionals who meet twice a year to pool their knowledge of color cycles and pool their knowledge of color cycles and preferences and to project color trends for preferences and to project color trends for the future.the future.

Yarn colors or swatches are sent to Yarn colors or swatches are sent to designers and merchandisers to plan their designers and merchandisers to plan their color stories and purchase fabrics.color stories and purchase fabrics.

WHO IS INVOLVED IN WHO IS INVOLVED IN FORECASTING? (cont.)FORECASTING? (cont.)

Examples of color servicesExamples of color services

* Standard Color of Textile Dictionnaire * Standard Color of Textile Dictionnaire * Pantone, Inc.* Pantone, Inc.* International Color Authority* International Color Authority* The Color Box* The Color Box* The Color Marketing Group* The Color Marketing Group* Concepts in Color* Concepts in Color* Huepoint* Huepoint* Color Portfolio, Inc.* Color Portfolio, Inc.

WHO IS INVOLVED IN WHO IS INVOLVED IN FORECASTING? (cont.)FORECASTING? (cont.)

* Fashion merchandisers* Fashion merchandisers

* Retail store owners/managers* Retail store owners/managers

WHO IS INVOLVED IN WHO IS INVOLVED IN FORECASTING? (cont.)FORECASTING? (cont.)

ACTIVITIES IN FASHION ACTIVITIES IN FASHION FORECASTINGFORECASTING

• Making and reporting predictionsMaking and reporting predictions• Coordinating information from fiber, Coordinating information from fiber,

yarn, and apparel companies, and yarn, and apparel companies, and textile shows worldwidetextile shows worldwide

• Analyzing the fashion press, visiting Analyzing the fashion press, visiting the world’s fashion centers, and the world’s fashion centers, and observing fashion leadersobserving fashion leaders

ACTIVITIES IN FASHION ACTIVITIES IN FASHION FORECASTINGFORECASTING

• Conducting marketing researchConducting marketing research– Consumer researchConsumer research

• Surveys by telephone or mail to determine Surveys by telephone or mail to determine income levels, lifestyles, fashion income levels, lifestyles, fashion preferences, and shopping habitspreferences, and shopping habits

• Consumer focus groups to discuss the pros Consumer focus groups to discuss the pros and cons of currently offered merchandiseand cons of currently offered merchandise

• In-store informal interviewing to assess In-store informal interviewing to assess what customers like and dislike what customers like and dislike

• Conducting marketing research Conducting marketing research (cont.)(cont.)–Market researchMarket research

• Study of market conditionsStudy of market conditions• Study consumer lifestylesStudy consumer lifestyles• Study of current events, the Study of current events, the arts, and the mood of the arts, and the mood of the publicpublic

ACTIVITIES IN FASHION ACTIVITIES IN FASHION FORECASTINGFORECASTING

• Conducting marketing research Conducting marketing research (cont.)(cont.)–Sales researchSales research

• Evaluation of previous sales Evaluation of previous sales trendstrends

• Rising salesRising sales• Declining salesDeclining sales• Weak sales Weak sales

ACTIVITIES IN FASHION ACTIVITIES IN FASHION FORECASTINGFORECASTING

• Conducting marketing research Conducting marketing research (cont.)(cont.)–Comparison shoppingComparison shopping

• Current popular designer Current popular designer collectionscollections

• Review of fashion publications, Review of fashion publications, catalogs, websitescatalogs, websites

• Observation of “street” fashions Observation of “street” fashions and celebrity wardrobesand celebrity wardrobes

ACTIVITIES IN FASHION ACTIVITIES IN FASHION FORECASTINGFORECASTING

SOURCES OF INFORMATIONSOURCES OF INFORMATION

• Trade publicationsTrade publications–Magazines, newspapers, and books Magazines, newspapers, and books

about and for a specific industryabout and for a specific industry–Examples: WWD and DNRExamples: WWD and DNR

• Consumer publicationsConsumer publications• Magazines that provide fashion news Magazines that provide fashion news for the consumerfor the consumer

• Examples: Teen, Vogue, Glamour, GExamples: Teen, Vogue, Glamour, G

SOURCES OF INFORMATIONSOURCES OF INFORMATION