Trend forecasting is an important tool for retailers to keep their stock in line with consumer demand and avoid overstock. This helps retailers avoid unnecessary waste and produce clothing items that are attractive to their targeted customers.
Lululemon, for example, can use trend forecasting in order to predict what their customers want from their clothing. By analysing social media trends, they can create a collection based off current consumer wants and avoid fashion missteps. This will enable them to make the best choices for their customers and help them move towards a sustainable future.
Superdry can also benefit from trend forecasting because it can use quantitative trend data to better respond to customers' desires. This data can be used to improve relevancy and design planning. They can also use the data to create collections that match their brand identity, and keep pace with fashion trends. To appeal to the same consumer groups, they could create a collection with stripes in both men's and women’s apparel.
Superdry can also use trend forecasting to identify which fabrics and colors will be popular in upcoming collections. Stripes are forecast to be a popular choice for women's winter '21 collections. Even though stripes will have a visibility of -2%, it is still a good pattern that appeals equally to both genders.
You can also use velvet and checked prints to create a collection. These prints are more unpredictable than other trends so it is important to plan ahead. Velvet is expected to be in demand at a medium level in the US. However, checked prints will display a very different behavior.
Orange-red will be the new fashion trend for Spring 2021. This trend will be popular with all consumers and have universal appeal. However, this trend will have a smaller market demand potential for Winter '21. Lululemon should consider other prints for Spring 2022.
Gen Zers wear a lot of jackets, which is why shirts are so popular. Oversized sweatshirts are also predicted to be a safe bet. By combining these two trends, Lululemon can create an assortment that is appropriate for all ages. Lululemon cannot produce clothing that doesn't fit the needs of their customers. They will end up with excess inventory and be at risk of being out of stock.
C&A can make better stocking decisions because of trend forecasting. By creating an assortment that is in line with consumer demand, they will reduce stockpiles and prevent waste. This will help retailers expand their existing markets.
C&A is multi-national retailer with a long heritage in apparel. They have a number of daughter brands that help them achieve their goals of providing fashion-forward apparel and becoming a leader in sustainability. They have a strong emphasis on transparency and are rapidly becoming a leader in this field. They also have a large consumer base, so they can ensure that their assortment meets their target audience's needs.
FAQ
What is the future of fashion industry?
In 2022, we expect the fashion industry to continue its growth trajectory. We've seen that the pace of change is increasing, as we have witnessed recently.
Technology is changing everything: how we communicate, travel, buy products and consume content.
It is only going to get faster. Artificial intelligence (AI), we predict, will be used in almost all aspects of life by 2022.
Personal assistants like Siri and Alexa to self-driving vehicles and smart homes. AI will transform industries across the board, including fashion. It will make it possible for designers to create gorgeous clothes using 3D printing. Consumers can also customize their wardrobes online.
Are social media platforms having an effect on the fashion business?
The rise of social networking has been one of most notable stories in recent history. Facebook has over 2 Billion users worldwide, making this one of the most important platforms in business.
It's easy to imagine how this could help brands reach millions of potential customers. However, this isn't always easy. Brands must decide whether to spend money on social media or build relationships with followers.
If you choose to advertise on social networks, remember that it's about finding the right balance of brand awareness and engagement.
What are your predictions for the fashion industry by 2023?
The future is uncertain. There are two main trends in fashion that we can anticipate to continue. Athleisure is another trend. Already, we've seen athleisure grow from yoga pants to shorts, tanks and sweatshirts.
It's not only clothing brands who are adopting casual styles. Athletes are also starting to wear them. Athleisure is becoming increasingly popular with athletes. Serena Williams, for example, wore an athleisure suit while she played against Naomi Osaka.
Another trend that will continue is the increasing demand for personalized products. Nike and other brands have begun to make shoes that are custom-made for each customer.
Wearable tech will continue to develop as technology advances. It's possible that the way we shop will change. As self-service kiosks become commonplace, we could see the rise of mobile apps that allow us to customize our outfits.
Statistics
- 55% of respondents agree they want to book a once-in-a-lifetime vacation in 2022. (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)
- 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)
- Nearly 30% of consumers have started their holiday shopping, though 55% say rising inflation has altered their gifting and spending plans for 2022. (junglescout.com)
- The percentage of shoppers likely or somewhat likely to purchase top social platforms increased across the board in the third quarter of 2022 compared to the second, with TikTok seeing the largest jump. (junglescout.com)
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How To
What are examples of consumer trends?
Trends are predictable shifts in consumption patterns.
While some trends are unpredictable, most tend to be predictable. There are two kinds of trends: cyclical and secular.
Cyclical trends tend to repeat themselves periodically over time. Three decades of economic growth has resulted in consumers spending more every year. These cycles are often short-lived. For example, the recession caused a drop in spending over the past decade.
Secular trends are longer-term changes that happen over a longer period of time. This includes technological innovations such as the internet, mobile phones, and other digital advances. These trends are frequently driven by changes in tastes and lifestyles, so they do not necessarily correlate to economic activity.
The shift towards online shopping is the biggest trend. The shift to online shopping is becoming increasingly popular among consumers. Another important trend is eCommerce. eCommerce has been growing significantly faster than traditional retailing in recent times.
Another important trend is the increase in social media 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.
Another trend is the increased use of wearable technology. Smartwatches and fitness trackers, smart clothes, and contact lenses are all commonplace. Wearable tech devices are a great way to track our health and wellbeing, monitor our environment, and communicate with the outside world.