Factors for Fashion Trend Forecasting

A trend is a statistically significant change in performance of any measured data and this change is not due to any variation in the manufacturing process. Fashion trend forecasters predict about the forthcoming colors, fabrics and styles that the consumers would be wearing in an year's time.

The information obtained from a fashion forecast is important to manufacturers of clothes and fabrics, designers, suppliers of fabrics, dyers and retailers. It is basically a gamble on the consumer's choice and spending power.

Usually the change in the measured data is brought about by economic factors(recession, booming economy, low inflation) and on feedbacks and inputs from manufacturers, retailers and consumers.

A fashion trend is forecast by professional companies whose mainstay is forecasting trends. The fashion forecasters follow certain parameters on the basis of which fashion and industry trends are followed:

Macroeconomic Factors: The factors of economy that deal with the overall economic components like gross domestic product, balance of payments, etc. The macroeconomic factors are:

• Recession: Whenever there is a decline in the general economic activity, the spending power of the general populace decreases. Depending on the economic situation, the trends would be set for the forthcoming seasons and year.
  
  
• Boom time: When the economy is booming, the markets are rich with the cash flow. The spending power of the fashion conscious population is also very high. The trends are set according to the mood of the consumers and the kind of money they are ready to spend.

Direct Inputs from Textile manufacturers: Textile manufacturers coordinate with designers of garments and textiles and take into consideration the feedbacks obtained from the consumers. On the basis of inputs obtained, decisions are taken on the kind of textiles to be manufactured for the forthcoming seasons. Fashion forecasters play the deciding factor in the type of fabric that would be manufactured. The continuous researches in development of yarns, threads and fabrics help the forecasters in their predictions.

Consumer surveys and preferences: Consumer sentiment is the most important factor in fashion trend forecasting. Consumer sentiment is decided by their spending power, preferences and sometimes influenced by what their “idols” or “icons”(movie actors, pop stars, sportsperson, etc.) wear.

Guidelines by Government agencies: Fashion trends are also influenced by directives from the government agencies, chambers of commerce and textile federations. The production of fabrics is regulated by the supply of raw material which is directly influenced by crop yield. If the crop yield is low, government regulations come into play and that means that manufacturers would have to look at other sources of fabrics.