Trend forecasting, a field where professionals predict and analyze trends for the coming season, is what this industry is all about. These professionals specialize in predicting colors and fabrics, textures, patterns, materials, graphics, footwear and accessories, as well as street style trends. A career in trend forecasting focuses on current trends and is a global field. There are many types of trend analysts, and there are many job descriptions.
Heuritech
Heuritech, a company that uses sophisticated trend forecasting technology for measuring the volume of products in different markets, is Heuritech. It works by analyzing millions of photos every day. It can predict the time when striped Tshirts will become most popular by analysing millions of photos each day. The technology can also predict future trends based on the behavior of previous trends.
Heuritech trends forecasting platform uses proprietary deep learning to track growth in various market segments. It uses historical data to predict trends for up to one year. It also allows users the ability to compare predicted growth for different segments and geographic regions. This helps fashion brands make better-informed choices that will improve their collections.
In 2013, two AI PhDs founded the company. After first looking at financial problems, they then turned their attention to fashion. The team includes a mix fashion and technology professionals. They raised EUR1.1million in seed funding 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 collected is then translated into tools that brands can use to enhance their communication strategies. Ultimately, using Heuritech, luxury brands can adapt their communication strategies to the latest trends without wasting time or money on missed opportunities.
Heuritech, founded by two Machine Learning PhDs, was founded in 2013. These researchers created a proprietary technology for image recognition that can analyze fashion photos on social media. This technology is used by Heuritech to convert fashion images into trends. This technology could improve the ability of the fashion industry to predict demand more accurately, produce sustainable goods, and gain a unique competitive advantage.
Heuritech's trend forecasting technology works by scanning millions of images uploaded on Instagram every day. This data allows companies to predict trends up to a month in advance and helps brands adjust their designs accordingly. The technology can also be used to help fashion brands plan their merchandise mix better. It's an artificial intelligence-driven, data-driven process that allows brands to predict the next trend before it happens.
Last winter, for example, the plaid coat was the best-selling product in the fast-fashion sector. It was so well-received that it was even available in mass markets. The client of the company was a regional merchandiser for a fast-fashion brand. Before making the purchase, he needed to forecast how much plaid he would see in his market.
FAQ
Is social media having an impact on the fashion industry?
One of the most significant stories in recent years has been the rise of social media. Facebook has over 2 billion users worldwide, making it one of the most important platforms for businesses.
It's easy to imagine how this could help brands reach millions of potential customers. But it is not always simple. Brands should consider whether or not they wish to advertise on social networks. Or if they prefer to build relationships with their followers.
But if you decide to advertise on social media, remember that it's all about finding the right balance between engagement and brand awareness.
How will consumer habits change after COVID-19?
Everyone knows that people are purchasing less right this moment. However, this doesn't mean that they won't spend more money on themselves in the future.
You should go shopping now if you're planning to. You might find yourself shopping more than you ever thought possible.
You still have options, even though there might not be as many people at malls. You should always be safe and observe social distancing regulations.
And don't forget to wash your hands frequently. That simple step can help prevent the spread of coronavirus.
We've already seen the trends that will shape retail's future. Let's now look closer at what's new.
What do teenagers buy the most?
There's a lot of data on consumer trends, but none is actionable for us. So we had a look at the data ourselves. We wanted information on the products and services that teens purchased. Next, we examined how these purchases have changed over time.
Even we were surprised at the results. It turns out that teens are very frugal when it comes shopping habits. They spend more money on clothes than any other category except books. Technology is where they spend the most.
Teens are big consumers of mobile phones, tablets, and computers. Kids aged 13-17 spent almost $2 billion last year alone on these devices.
However, what is most striking is the fact that while they spend a lot for electronics, they don't spend as much on their smartphones. Less than 1% of smartphone usage by teens is devoted to apps.
It means that the majority of them use smartphones to browse the internet. They're using Snapchat and Facebook. They use Facebook and Snapchat to play games on Xbox, PlayStation, Nintendo, and Nintendo.
They use their smartphones to make calls, view videos, and listen to 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 now spend more hours per week watching TV than any other age group apart from children between ages 5 and 9.
There are many reasons they turn to TV. It's easier for them to control. They prefer to use traditional media even though there are many digital options available.
Another reason is the variety it provides. 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 allowed to interact with characters in the screen, whether it be talking to their favorite celebrities, or exploring new worlds that allow them to become heroes.
All this aside, they don't like the quality of what they're viewing. Common Sense Media's survey found that 90% parents think their children would rather see less TV if there were better shows. Two-thirds of parents prefer their children to play video games rather than watch television.
This shouldn't surprise anyone. It's no surprise that obese children are more likely to spend more time watching television. Harvard University has just released new research.
It found that for children aged 6 to 11, each hour more TV was associated with 2.5 points higher BMI.
It might be time that we think about ways to help our children move away from screens. It might be time to make sure our kids have healthier snacks, and more drinks.
Or maybe we should encourage them into sports. Recent statistics show that physical activity levels across all age groups are on the decline. Therefore, we must take action.
There are many things that we can do to improve the health of young people. Look at the evidence.
What role does Instagram play for the fashion industry
Instagram is one of the most popular platforms for brands and influencers to connect. And it's not surprising because it gives them access to a massive audience.
But it's not just about reaching an audience. Engagement is the key to influencer marketing. It's about building relationships and trust with your followers. This takes time.
It is about consistency, reliability, and trust. Quality content should be posted regularly. And about responding to comments and questions.
Insta is great for engaging fans. But, it's not great for selling products. That's where other social media channels come in.
What should consumers buy after a pandemic in 2022
Consumers will continue to buy products that help them live healthier lives and protect themselves from illness. This includes foods such as snacks, beverages, pet food, and supplements.
They also tend to spend less on insurance. This is because it is expected that the cost of health insurance will rise 10% per annum over the next 10 years.
The greatest change we see is a greater emphasis on prevention and wellness. Products that promote healthy lifestyles, and prevent disease will be sought after by consumers.
This means buying products that will help us sleep better, reduce stress levels, and keep hair and skin young.
Because of the pandemic, healthy living will be more important to shoppers. This will result in higher spending on preventative healthcare.
Statistics
- While 19% of respondents state they didn't travel in the past two years, other families' favorite experiences included: domestic travel (19%), beach resorts (12%), road trips (11%), international travel (10%), staycations (7%), camping (6%), and more.1 (americanexpress.com)
- 70% of parents surveyed agree that in 2022 they are planning to take their first international trip with their children since before the pandemic. (americanexpress.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)
- 55% of respondents agree they want to book a once-in-a-lifetime vacation in 2022. (americanexpress.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)
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How To
What are some examples for consumer trends?
Trends are predictable shifts of consumption patterns.
While there may be an element of unpredictability to them, they tend to follow a pattern. There are two kinds of trends: cyclical and secular.
It is common for cycles to repeat itself over time. For example, we've had three decades of economic growth, meaning consumers generally spend more money each year. However, these cycles are often short-lived. The recession for instance saw a decrease in spending during the last decade.
Secular trends are long-term changes that occur over longer periods. The internet and mobile phones are two examples. These trends are often driven in part by changing lifestyles and tastes. They do not always correlate with economic activity.
The biggest trend is the shift to online shopping. Customers are more inclined to shop online than in brick-and mortar stores. The rise of eCommerce is another major trend. In recent years, eCommerce has grown significantly faster than physical retailing.
Another important trend to watch is the growth in social media usage. Social media is becoming ubiquitous and is used by millions of people 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 a third trend. Smartwatches, fitness trackers, smart clothing, and contact lenses are commonplace. Wearable tech devices are a great way to track our health and wellbeing, monitor our environment, and communicate with the outside world.