In our latest webinar, we explored how fashion brands can stay relevant by planning ahead at predicting consumer trends. The events of the last year shook the industry and changed life as we knew it. Before 2020, it was inconceivable to think that so much could change so dramatically within such a short space of time. But even before the pandemic, the nature of trend forecasting was evolving, and the way trends came to be, developed, and landed was changing.
By unpacking and refocusing the significance of bigger picture thinking and how these macro factors affect the consumer's behaviour or how they make decisions, we are able to see where true trend influences emerge from and make informative decisions. Whether that be in the way you forecast, buy, or develop your brands product offer.
How has trend forecasting changed?
Gone are the days of purely referring to catwalks and street style to build ranges, although still relevant, trend forecasting needs to look beyond and dive into the bigger picture. We need to look into the lifestyle and behavioural shifts of the consumer and consider both fashion trends and consumer trends when pulling research or building our product range.
Customer centric forecasting
Agility and reactivity need to be at the forefront when referring to product strategies, in turn allowing a model that is able to react to the consumer's shifts and minimising risk. The consumer now comes first, over and above the trends, as they start to shape the decision making for brands, rather than the other way around. Competitors have emerged from outside of the fashion sector as spending decisions change and the consumer looks to what holds the most value in their current day-to-day.
Looking ahead to stay relevant
We witnessed a major acceleration of macro trends as the pandemic hit and noticed a clear shift in lifestyle, which in turn effected purchase decisions. By looking into where macro trends intersect with lifestyle trends, we are able to see the blurring of boundaries and the true consumer demands, both from and apparel and lifestyle perspective.
A practical approach to creativity
By combining art with science, we are able to make informed decisions based on data and educated research. Every trend needs context and relevance, or else it is deemed meaningless - creativity has to have a strategy and intent when it comes to planning and processing. There needs to be rigour in understanding shifts happening and introducing something because it is relevant, rather than a novelty. Newness needs to exist for a purpose.
The trend forecasting process needs to continue to develop through becoming more agile and bespoke. A one size fits all approach no longer works. We believe information without context is just noise. By creating bespoke solutions that cut through the noise, we distill mass insights into those that matter most for your brand.
To explore how we can work with your business, get in touch here.
To view our full webinar, The Evolution of Trend Forecasting, follow the link here.