Friday, 5 August 2011

Fashion Forecasting: Why is it necessary?

There are two ways to introduce products into the market. One is the way which is adopted by the designers and the other is the one adopted by the retailers. While there are many differences in the way these two fashion sellers make their products as well as retail them, it is true that both these segments of fashion-introducers know their markets very well, or they have to do so if they have to succeed. Fashion forecasting could be more of the intuitive experience of the designers and the outcome of their creative minds whereas, for the retailers, the same could be referring to the in-depth analysis of the consumer buying behaviour.
Fashion forecasting is mostly concentrated on the following aspects:
  1. Colour Scheme forecasting
  2. Style Forecasting
  3. Fabric Forecasting
Based on these three crucial aspects, the companies undertake the market research to determine what could be the best products to be launched in the market. The designers are not guided by this thought. They have their own creativity to offer. They make the products which are not based on the consumer research but on their own line of thought. And, they do find the market for the same. They are also the fashion trend setters. Their collections are featured in the prominent fashion magazines of the world and these are a big and rich source of fashion inspiration. But, the question is why are fashion forecasts done?

The most obvious reason is that these forecasts provide a feedback to the biggest retailers who are spread across different geographies to determine what could be products which will occupy the shelf space of their hundreds of stores. They not only have to outdo their competitors by providing the more attractive clothing to the people but also to ensure that their growth objectives are met. So, these forecasts play a pivotal role in the success or the failure of their multimillion dollar objectives.

The other important benefits of these forecasts are their use by young and established designers, design companies, service providers and the manufacturers to base their sampling collections. Thus, these are the backbone of the apparel and fashion industry and are instrumental in driving the brand value on the upwards curve.