UNDERSTAND THE USE OF DATA IN FASHION FORECASTING FM 3.01

FASHION FORECASTING TERMS  Color/hue: element of design  Forecasting: foreseeing (looking ahead) to colors, textures, and silhouettes to predict coming fashion trends  Graphics: image or visual representation of an item  Pantone: most popular color matching system (CMS). It is a method of specifying colors for a print job from a book of color swatches in order to match ink colors in commercial printing.  Silhouette: the shape of a person’s body or the shape created by wearing clothing of a particular style or period.  Trend: direction of movement of color, texture, style, or silhouette in fashion

RESOURCES USED FOR FASHION FORECASTING  Tradeshows  Lectures  Books  Style blogs  Different social media outlets

SERVICES PROVIDED BY FASHION FORECASTING COMPANIES  Predicts mood, behavior and buying habits of the consumer at particular time of season.  Looks into how and what they buy, based on their culture, mood, beliefs, occasion & geographic locations.  Trend forecasting is also dependent on the fashion cycle and plays a major role in introductory phase of recurring fashion cycles.  Spying/scout trends  Predicting colors  Sketching silhouettes  Trend reports  Mood boards  Color forecasts  Design patterns

USES OF DATA PROVIDED BY FASHION FORECASTERS  Consumer research figures are critical & of utmost importance in decisions about product development, marketing and retailing.  Season:  Design and merchandising departments worldwide are waiting on what's in trend for coming seasons.  Rely heavily on creating a new line using these valuable data collected by professional agencies.  Trend forecasts are based on seasons.  customers connect certain colors with holiday and seasons, they expect to see earthy tones in fall season, jeweled colors for holidays, the pastels of flowers in early spring, and refreshing white for the summer.  All the manufacturers include some of these standard colors in their line or collection planning.  Work on new line normally begins six months before the selling season( A flowery dress to be worn in may should be in design section starting December).

USES OF DATA PROVIDED BY FASHION FORECASTERS  Market Intelligence:  Many large companies in Asia are turning to market intelligence for input into their strategic management system and decision making.  Large retail & export companies are increasing the role of the Internet in market intelligence for inputs into their strategic management system and decision making.  It helps them determine their product acceptance in market; if acceptance is there market is there as world renowned designer Karl Lagerfeld remarked, There's no fashion if nobody buys it. Acceptance by large no of people makes market important.  The marketing intelligence cycle whether its apparel or other business houses typically consists of directing, collecting, compiling, cataloguing, analyzing and form filled up data by consumers therefore making it easier for industry to create product which is market based.

USES OF DATA PROVIDED BY FASHION FORECASTERS…CONTINUED  Consumer Research:  Consumers may be asked directly about their buying preferences or buying habits looked at over a period of time.  Consumer reactions are recorded and documented to find preferences for certain garments or accessories, sizes or colors, OR products to fit specific consumer tastes.  Surveys, by phones, mail or customer feedback forms are conducted by publication and market research companies for manufacturers and retailers.  These surveys include questions about life-style, fashion preference, income, and shopping habits.  Customers are usually selected by the research firm to meet with manufacturers or retailers.  Informal interview with consumer can help researchers obtain information by simply asking customers, what they would like to buy, what styles they prefer that are currently available and what changes in merchandise they want, but cannot find.  Owners of small stores can often do this most effectively, because of their close contact with their customers.