The term ‘fashion’ itself literally means ‘other’. Therefore, forecasting fashion tendencies necessarily takes a thorough examination of society as a whole and its implications, both economic and social, as the basis for assessing fashion tendencies. The importance of fashion can hardly be understated. Fashion is one of the key features of popular culture. As such, fashion trends are crucial aspects of popular culture, contributing significantly to the overall quality of life.
The term ‘forecasting fashion trends across industries’ refers to the process of anticipating fashion trends across various industries and their respective implications, both economic and social, on consumer behavior. Thus, when an emerging fashion trend is identified, the second step is to assess the impact of that trend on consumer behavior in the context of his/her chosen fashion industry, i.e. what consumers in that industry consider as desirable and what they can do to obtain that ‘desirable status’. The third step is then to forecast the magnitude of that effect on the market, i.e. what proportion of overall sales will be affected by the introduction of a new fashion trend.
In addition to predicting the impact of a new fashion trend on sales, a good fashion trend research tool can also provide valuable information about the current trends in the market and consumer spending patterns. Thus, in addition to providing forecasting of consumer spending, it is important to study and analyze the existing trends in order to establish whether the f-trend is likely to go up or down over a given period of time. It is also important to make sure that any projections you make are consistent with other sources of information such as market surveys carried out by financial institutions. This way, you ensure that your estimates are well founded and that your projections will be useful in planning marketing strategies. Finally, f-trend analyses should be accompanied by a discussion of alternative ways of dealing with the problems inherent in f-trend analysis, including ways in which f-trends can be changed to make them more favorable to the consumer.