Trend forecasting, a field where professionals predict and analyze trends for the coming season, is what this industry is all about. They are experts in predicting colors, textures and patterns. Trend forecasting is an international career that focuses primarily on the latest trends. There are many career options for trend forecasters.
Heuritech
Heuritech employs a sophisticated trend prediction technology to estimate the market share of various products. It analyzes millions of photos each day. It can also predict when striped Tshirts are most popular and calculate how many there are. The technology can also predict future trends based on the behavior of previous trends.
Heuritech's trend forecasting platform uses deep learning to track market growth. It uses historical data to predict trends for up to one year. The system also allows users to compare predicted growth in various segments and geographical regions. Fashion brands are able to make informed choices that will help them improve their collections.
Two AI PhDs founded the company in 2013. After first looking at financial problems, they then turned their attention to fashion. They have a mixture of technology and fashion professionals. They raised seed funding of EUR1.1 million in 2016. They now seek to raise additional capital for the next round.
Heuritech uses artificial intelligence to analyze three million posts on social media every day. It analyzes the content, quantity and popularity of these posts. The data is then turned into tools that brands may use to enhance communication strategies. Heuritech allows luxury companies to adapt their communications strategies to latest trends without losing time or money.
Heuritech was founded in 2013 by two Machine Learning PhDs. These researchers invented a proprietary image recognition system that can analyze fashion pictures on social networks. Heuritech uses this technology to translate fashion images into trends. This technology is expected to improve fashion's ability forecast demand better, create sustainable products and give the company a competitive edge.
Heuritech's trend forecasting technology relies on the scanning of millions upon millions of photos uploaded to Instagram every single day. This data allows companies to predict trends up to a month in advance and helps brands adjust their designs accordingly. Fashion brands also benefit from the technology's ability to efficiently plan their merchandise mix. It's a data-driven, artificial Intelligence-driven process that empowers brands by predicating what will become a current trend before it actually happens.
Plaisted coats were, in fact, the number one selling product in fast fashion last year. It was so well-received that it was even available in mass markets. Client of the company was a regional merchant for a fast-fashion label. Before he made the purchase, he wanted to know how much plaid would be in his area.
FAQ
Are mobile devices influencing fashion?
We all know that smartphones are more powerful than ever. They can now take photos, record videos, play songs, and even surf on the internet. It's no surprise that mobile phones have been used to check outfits.
One example is that they can be used by some to measure the length of a garment before they are purchased. Others use them to photograph themselves in front mirrors.
Do not forget to take pictures with your phone when you think about purchasing a new outfit.
How will the Fashion Industry evolve by 2022?
We expect fashion to continue its upward trajectory in 2022. The pace of change is picking up, as we've seen in recent years.
Everything is being disrupted by technology, from communication to travel to buying products to how you consume content.
It's going faster. We predict artificial intelligence (AI), will be used for almost every aspect in life by 2022.
Personal assistants such as Siri and Alexa, to self-driving cars or smart homes. AI will revolutionize industries all over, including fashion. It will enable designers to create beautiful clothes using 3D printing and allow consumers to customize their wardrobes online.
What are teenagers most likely to buy?
There are a lot more data available about consumer trends than we can use, but none of them is actionable. We had to have a look ourselves at the data. We wanted to find out which products and services teens bought. We also looked at how the purchases have changed over the years.
Even we were surprised at the results. It turns out that teens are very frugal when it comes shopping habits. Teens spend more on clothes than any other age group, except for books. They also spend more money on technology than any other age.
Teens are big consumers of mobile phones, tablets, and computers. These devices were purchased by almost 2 billion dollars last year by 13-17-year-olds.
But what stands out is that while they might be spending a lot on electronics, they aren't spending much on apps. Apps make up less than 1% of teen smartphone usage.
That means most of them are using smartphones to browse the web. They're using Snapchat and Facebook. They play games on Xbox, PlayStation, and Nintendo.
They use their phones for communication, video and music.
This is a fascinating trend. It suggests teens are more dependent on their phones, which is understandable considering they spend more time online.
They also spend more time watching TV. Teens watch TV more than any other age, apart from those aged between 5 and 9 years.
There are lots of reasons why they're turning to TV. One of them is that it's easier to control. Even though they've access to various digital options, they tend to stick to traditional media.
It offers more variety. Kids love to switch channels, so they'll often pick up whatever's on instead of sticking with one channel.
And finally, it's just plain fun. Teenagers love being able interact with characters onscreen, whether they're talking to their favourite celebrities or exploring new worlds where heroes can be found.
They're unhappy with the content they're watching, despite all this. According to a survey by Common Sense Media, 90% of parents say they'd prefer their kids watch less TV if it meant better shows. A majority of parents prefer that their children play video games over watching TV.
This shouldn’t come as a surprise. We know from experience that children who watch more TV are more likely than others to become obese. Harvard University recently conducted research that supports these findings.
It found that for children aged 6 to 11, each hour more TV was associated with 2.5 points higher BMI.
We should start to think about ways that we can help our kids move away from the screen. Perhaps we should make sure that they have healthy snacks and beverages available.
We could encourage them to get active and play sports. According to the latest statistics, physical activity is declining in all age groups. So we must do something about that.
The good news? There are many things you can do to improve youth health. Simply look at all the evidence.
What are consumer trends?
Consumer trends are more important than ever because they affect our lives. They are also a key factor in shaping the future of commerce and business.
The world is changing faster today than ever before. We live in an era of rapid technological advancement. Our lives have become increasingly connected and mobile. Unprecedented levels of change are occurring.
This means that those who do well, in the long run, will be those who adapt quickly. Those who stay ahead of the curve.
Consumers now have choices that were unimaginable just a few short years ago. This opens up huge opportunities for both brands and businesses. This also presents challenges.
One example is the growing demand for convenience. This is driving the growth in online shopping and eCommerce. Consumers want options and choices. They expect to find the right product at the right time.
They want to be able buy products and services in a way that makes sense to them. They want to be easily able to find out prices, read reviews, share information and compare prices.
These changes are coming quickly and it's easy to get behind. Keep up-to-date with the latest developments, and use strategies to stay competitive.
Two key areas are essential to success in this environment: innovation and customer service. These are the keys for staying ahead of your competition.
It is not enough to provide great service and sell quality products. Innovation is key. And you must deliver exceptional customer service.
"Customer obsession" may be a term you have heard. It's the idea that you will exceed customers' expectations when you care deeply about them.
Your customers expect nothing less than the best service. This is the problem with many businesses. They assume customers should be treated like any other client.
They market their products by focusing on the price and features of their products.
Customers aren't purchasing products and services anymore. They are choosing between different alternatives.
Instead of focusing on the price, think about how you can create unique value propositions. You will be different from your competitors if you can do this.
This is not about creating something better. It's about providing something completely different.
You can't do this by being innovative. Innovation is key!
By being creative!
Think outside the box!
And, most importantly, to provide top-quality customer services.
What will consumers buy post-pandemic 2022?
Consumers will continue to buy products that help them live healthier lives and protect themselves from illness. This includes food products such as snacks, drinks and pet foods.
They also tend not to spend as much on their insurance. The cost of this insurance is expected increase by 10% per annum for the next 10 years.
The biggest change we expect is an increased focus on wellness and prevention. Products that promote healthy lifestyles, and prevent disease will be sought after by consumers.
This means we need to invest in products that make it easier to sleep, lessen stress, and keep our hair and skin looking young.
Healthy living will become more important to shoppers because of the pandemic, leading to higher spending on preventive care.
Do social media platforms have any impact on fashion?
One of the most significant stories in recent years has been the rise of social media. Facebook has more than 2Billion users around the globe, making it a key platform for businesses.
It's easy to imagine how this could help brands reach millions of potential customers. But it is not always simple. Brands need to think about whether or not they want to use social media for advertising.
But if you decide to advertise on social media, remember that it's all about finding the right balance between engagement and brand awareness.
Statistics
- 55% of respondents agree they want to book a once-in-a-lifetime vacation in 2022. (americanexpress.com)
- As experts quabble over the official call, most consumers are already experiencing economic uncertainty: 52% say their household income is unstable, up 36% from three months ago, and 73% have either reduced or maintained their overall spending levels. (junglescout.com)
- 56% of respondents stated they held off on traveling for major entertainment events last year, but have plans to return to these events this year.1 (americanexpress.com)
- Just 5% of consumers expect to wait until December to begin shopping, while more than 70% said they'd start before Thanksgiving. (junglescout.com)
- and what they are traveling for, with 78% of respondents wanting to impact the community they visit positively.1 Eating & Shopping at Small businesses (americanexpress.com)
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How To
What are some examples for consumer trends?
Trends indicate shifts in consumption patterns.
While some trends are unpredictable, most tend to be predictable. There are two types: cyclical or secular trends.
Over time, cycles tend to repeat themselves. We've seen three decades of economic growth which has meant that consumers spend more each year. These cycles are often short-lived. For example, the recession caused a drop in spending over the past decade.
Secular trends are long-term changes that occur over longer periods. Technology advances like the internet and mobile phone technology are examples. These trends are driven often by changing lifestyles and tastes. Therefore, they don't necessarily correlate with economic activity.
Online shopping is the most prominent trend. The shift to online shopping is becoming increasingly popular among consumers. The rise of eCommerce is another major trend. eCommerce has experienced a rapid growth rate in recent years.
Another important trend is an increase in social networking usage. Social media is now ubiquitous and used by millions worldwide. Online platforms like Facebook, Twitter, Instagram, Pinterest, and Snapchat are widely used by consumers to share information, express opinions, and communicate with friends and family.
Wearable technology is another trend. Wearable technology is becoming more common with smartwatches, fitness trackers and smart clothing. Contact lenses are also popular. Wearable tech devices allow us to monitor our health and well being, interact with the outside world, and monitor our environment.