A brand's assortment plan can be created using trend forecasting. This is a great way for retailers not to overstock and to keep their inventory in line. This helps retailers avoid unnecessary waste and produce clothing items that are attractive to their targeted customers.
For example, Lululemon can use trend forecasting to anticipate what their customers are seeking from their apparel. Analyzing social media trends allows them to build collections based on consumer demand and avoid fashion misses. This will allow them to make optimal choices for consumers and ease their path to a sustainable future.
Superdry can also benefit from trend forecasting because it can use quantitative trend data to better respond to customers' desires. They can use this data to incorporate it into their design planning and increase relevancy with collaborations. They can also use it to create collections that fit their brand identity and stay ahead of the fashion curve. For example, they might design a collection with stripes for both men- and women's apparel in order to appeal to different consumer segments.
Trend forecasting can be used by Superdry to predict which colors and fabrics will be most popular in the upcoming collections. For women's Winter ’21 collections, stripes are forecasted to remain a safe bet. Even though stripes will have a visibility of -2%, it is still a good pattern that appeals equally to both genders.
Checked and velvet prints are two other options for creating a collection. These prints behave differently to other trends and should be planned in advance. In the US, velvet is forecast to have a medium magnitude in market demand potential. But, checked prints will exhibit a completely different behavior.
Orange-red will be the new fashion trend for Spring 2021. This trend is expected have universal appeal and to be a fashion hit for all. However, there will be a lower market demand for this style in Winter '21. Lululemon should consider other prints for Spring 2022.
Shirt jackets are a core category for Gen Zers' everyday attire. Also, it is safe to say that sweatshirts of large size are a good choice. Lululemon can combine these two trends to create an assortment that's appropriate for everyone. Lululemon will have to make sure that their clothing is in line with the tastes of its customers or they risk selling out.
C&A can make better stocking decisions because of trend forecasting. C&A will reduce excess stock and eliminate waste by making an assortment that meets customer demand. This will allow retailers to expand into new markets.
C&A, a multi-national retailer with a rich history in apparel, is one example of a multi-national company. C&A has a variety of daughter brands that assist them in achieving their goals of fashion-forward apparel and being a leader of sustainability. They also have a strong focus on transparency and are quickly becoming the leader in this area. They also have a large consumer base, so they can ensure that their assortment meets their target audience's needs.
FAQ
What does technology do to the fashion industry?
Technology is becoming a key tool for shoppers to shop and purchase clothes. They can compare prices and browse through different stores using their tablets and smartphones. Apps can be used to scan products, and then get instant feedback by other shoppers.
This is especially true when you're looking for unusual or hard to find clothing. It's easy to shop online for designer goods. Online retailers mean that you don't have to visit physical stores to get your favorite brands.
Virtual experiences will continue to grow after the pandemic.
The world in which we live is now more connected than any time in history. We communicate quicker, share information, collaborate across borders.
As technology evolves, so will our interactions with one another and with the environment.
Virtual reality (VR) is the next frontier for this evolution. Virtual worlds are changing how we do business, learn, play and explore.
VR is a promising option for consumers but there are concerns that it could be exploited by vulnerable users.
Experts warn that VR headsets may be used by cybercriminals to lure victims into phishing and scams.
This means that when you buy a headset, check out the manufacturer's privacy policy and terms of service.
Also, ensure you are working with a trustworthy company.
Read reviews online and ask family and friends to tell you what they think. People will often tell you that the product is great if they are trying to sell it. It is important to search for independent websites which provide detailed reviews.
Many companies now include terms-of-service and privacy policies on their packaging. This makes them easy to find and review.
Don't be afraid to contact the retailer if you are unhappy with your purchase.
What impact does technology have on the fashion industry's future? There are many changes.
We are seeing a shift from physical shops towards digital. And we see eCommerce become increasingly popular too.
We are also seeing changes in the way shoppers interact with retailers. While they want to shop anywhere and anytime, they also want to feel special when they go to a store.
Retailers are adapting and creating new ways for customers to interact with them. So, for example, they offer mobile payment systems that allow shoppers to pay while they shop. Or, they offer apps that allow shoppers to find new items and make purchases before actually entering the store.
Shopping is becoming increasingly demanding. They no longer want to browse catalogs or visit websites. They want to be able to touch and feel things. So, retailers open pop-up stores, host events and launch pop-ups for shoppers to experience new products.
Statistics
- 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)
- 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)
- OTC Medicine 57% Beauty & Personal Care 52% Vitamins & Dietary Supplements 51% Home & Kitchen 47% Top retailers where consumers are shopping in 1. (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 some examples of consumer trends you can see?
Trends can be described as shifts in consumption patterns that are predictable.
While there may be an element of unpredictability to them, they tend to follow a pattern. There are two types of trends; cyclical and secular.
Cyclical trends tend to repeat themselves periodically over time. As an example, three decades of economic expansion has seen consumers spend more money every year. These cycles are usually short-lived. As an example, the recession saw a decline of spending in the last ten years.
Secular trends refer to long-term changes that last for longer periods. These include technological advancements such as the internet or mobile phones. These trends are frequently driven by changes in tastes and lifestyles, so they do not necessarily correlate to economic activity.
Online shopping is the most prominent trend. Online shopping is becoming more popular as consumers are moving away from brick-and-mortar shops and buying goods online. Another major trend is the rise of eCommerce. eCommerce has seen a significant increase in sales over physical retailing in recent years.
Another important trend is an increase in social networking usage. Social media is now ubiquitous and used by millions worldwide. Consumers use social media platforms such as Facebook, Twitter and Instagram to communicate with their loved ones, share information and express opinions.
Wearable technology is a third trend. Wearable technology such as smartwatches or fitness trackers, smart clothing or contact lenses, are all very common. Wearable tech devices enable us to measure our health and well-being, monitor our environment, and interact with the world.