Trend Forecasting - How and why should fashion businesses use it?

From being on top of the latest trends before they hit the mainstream, to staying ahead of competitors, trend forecasting is an essential concept for all fashion businesses big or small.

Trend forecasting - I was first introduced to the concept through a university unit toward the tail end of my degree, and although I had heard the term before, I was astounded to learn the deep impact it had on business and the opportunities that it could present. Immediately I began to think of it in terms of the fashion industry and the opportunities the concept held for brands. World leading consumer trend forecasting agency WSGN state that their consumer, lifestyle, and product design forecasts assist global fashion brands by "empowering our clients to make confident decisions, adapt and stay ahead of an ever-changing consumer landscape and rapidly escalating climate priorities". This quote perfectly sums up what benefits trend forecasting can hold for fashion businesses, don't you think?

These days with the depths of the internet and multitude of sharing platforms, analysing trends can seem like a never ending pit of information. Trends can be observed through catwalk shows, ecommerce data, social media and magazines, the list goes on. As frightening as the seemingly endless information may be, forecasting is vital for fashion brands if they want to stay ahead of the curve. WSGN highlight that their fashion trend forecasting:

"...enables you to future-proof your product with actionable guidance through the fashion industry’s transformational shifts, from sustainability targets and changing consumer lifestyles to digital design."

- WSGN

Now, you might be wondering (like I was when I first learnt of trend forecasting) how on earth do I decipher trends among all of the content available? Let's get into it!

There are a huge array of global trend forecasting agencies offering subscription based trend reports and forecasts, such as:

• WSGN

• Stylus

• TrendStop

• TOBE and The Doneger Group

• Pantone

Just to name a few - a simple Google search will produce many more.

Alternatively, many fashion brands have in-house trend watch and forecasting teams who peruse fashion media outlets, websites, industry reports and the catwalks of the global fashion week circuit. Fashion news outlets like The Business of Fashion (BoF) and Vogue Australia or Fashion Journal, for local fashion news, supply a huge array of articles with up-to-date reports on the latest fashion trends and news. I know I enjoy flicking through their articles to get an insight into the world of fashion and the next new thing! Like this article from BoF which discusses how luxury fashion brands are adapting to the new trends in travel amid ongoing COVID-19 travel restrictions.

Concluding thoughts

Although the world of trend forecasting seems daunting due to the sheer volume of information at our fingertips, it also provides excitement and reward to those who pay attention. With new brands popping up daily on social media and other online platforms, future proofing yourself in the world of fashion, and staying ahead of the mainstream, is most important now more than ever.

Until next time,

- Sarah

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