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FASHION FORECASTING

By Sunil Talekar, SOFT

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

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

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

FASHION TREND*** The direction of movement of public acceptance of color, texture, and silhouette in fashion.What are the newest styles and silhouettes?What are the important colors for upcoming seasons?What are the newest developments in the fiber and fabric markets?What is happening to materials and labor prices?Where are companies having garments made?

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

* Keen worldwide competition increases the importance of accurate trend identification.THE IMPORTANCE OF FORECASTING

Examples of fashion services* Doneger Creative Services* Promostyl* ESP Trend Lab* Carlin International* Here and There* Trend Union* WGSNWHO IS INVOLVED IN FORECASTING? (cont.)

Fashion designers

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

Yarn colors or swatches are sent to designers and merchandisers to plan their color stories and purchase fabrics.WHO IS INVOLVED IN FORECASTING? (cont.)

Examples of color services

* Standard Color of Textile Dictionnaire * Pantone, Inc.* International Color Authority* The Color Box* The Color Marketing Group* Concepts in Color* Huepoint* Color Portfolio, Inc.WHO IS INVOLVED IN FORECASTING? (cont.)

* Fashion merchandisers

* Retail store owners/managersWHO IS INVOLVED IN FORECASTING? (cont.)

ACTIVITIES IN FASHION FORECASTINGMaking and reporting predictionsCoordinating information from fiber, yarn, and apparel companies, and textile shows worldwideAnalyzing the fashion press, visiting the worlds fashion centers, and observing fashion leaders

ACTIVITIES IN FASHION FORECASTINGConducting marketing researchConsumer researchSurveys by telephone or mail to determine income levels, lifestyles, fashion preferences, and shopping habitsConsumer focus groups to discuss the pros and cons of currently offered merchandiseIn-store informal interviewing to assess what customers like and dislike

Conducting marketing research (cont.)Market researchStudy of market conditionsStudy consumer lifestylesStudy of current events, the arts, and the mood of the publicACTIVITIES IN FASHION FORECASTING

Conducting marketing research (cont.)Sales researchEvaluation of previous sales trendsRising salesDeclining salesWeak sales ACTIVITIES IN FASHION FORECASTING

Conducting marketing research (cont.)Comparison shoppingCurrent popular designer collectionsReview of fashion publications, catalogs, websitesObservation of street fashions and celebrity wardrobesACTIVITIES IN FASHION FORECASTING

SOURCES OF INFORMATIONTrade publicationsMagazines, newspapers, and books about and for a specific industryExamples: WWD and DNR

Consumer publicationsMagazines that provide fashion news for the consumerExamples: Teen, Vogue, Glamour, GSOURCES OF INFORMATION