Information Gathering

The fashion industry is fast paced and highly competitive. Key trends within the industry usually initiate from the catwalk, where many designers present their latest collections, which then trickle down into the high street and are worn by the general public.

This process can also be reversed, working in the opposite direction, when trends begin on street level and bubble up to the high street and designer collections.

Unfortunately fashion is very fast-paced and fickle, leaving trends with a short life cycle. Fashion trends are highly influenced by popular culture, such as music, film, television and other forms of media; this makes forecasting trends very difficult for retailers as changes in popular culture can occur at any given time. This is a reason why fashion companies with the available budget will chose to hire the services of trend forecasting agencies to provide reports of the emerging key trends.

DIRECTIONAL SHOPPING

Directional shopping consists of trips taken to gain design and concept inspiration. Depending on a company’s travel budget and the type of merchandise being sourced, buyers will visit cities such as London, Paris, Milan and New York to search for upcoming trends. These visits are usually pre-planned to utilise the time and deciding which areas of the cities will be the most effective area to look within.

This job can be very exciting, but also tiring, as buyers absorb all the information and make notes regarding key colours, fabrics, shapes and details from opening times till closing. Visiting stores around the city is commonplace, where buyers will continually spend there days searching and referencing findings until and key trend theme begins to show. Once this is achieved, and strong key trends begin to formulate, buyers will purchase key products which best demonstrate the final trends found.

SHOWS

Designers will showcase their new collection each season, which is where you will be able to see the most up to date trends in use. Examining the latest collections of each designer will allow you to identify the key themes and similarities shared between a few designers who may be showing a similar inspiration theme. As well as clothing, these shows also display the latest trends within accessories and make-up.

EXHIBITIONS

Exhibitions contain displays of work within museums, galleries and exhibitions halls that can be either permanent displays or temporarily available for viewing. Creative subjects such as art, fashion and photography regularly go on show to celebrate work created and can occasionally be displayed in celebration of a significant date such as an anniversary. Newspapers, magazines, museum websites and online search engines are all methods which can be used to find more information about exhibits expected in the near future.

Upcoming exhibitions have the ability to influence trend themes as the popularity grows, and whilst visiting an exhibition you may also be able to see links between pieces of work and previous fashion trends where creative fields have already crossed between one another. This is the reason why regularly observing exhibits will help to notice emerging trend directions.

MAGAZINES

Magazines are publications containing articles, imagery and advertisements which can be very useful when researching the latest trends. It is also important to examine magazines that include news of innovation within art, architecture, photography, interiors and culture, and other creative fields as well as fashion, as these areas tend to influence one another.

Magazines are excellent at informing consumers of the most recent themes, purchasing patterns and discussing potential future influences, as well as mentioning designers, brands or boutiques that may be of interest and worth looking into. Publications such as Vogue, Harper’s Bazaar, GQ, Elle and InStyle, amongst others, are very popular for fashion interest magazines; however Textile View, View Point and Visionnaire are other publications that specifically aim to inform the reader of expected key shapes, colours and fabric trends ahead of time, giving future influences and design directions in advance.

It will depend on the type on trend information needed and how ahead of time you want it, which will determine the type of magazines best suited for gathering the relevant information.

INTERNET

The internet is a global system of networks where you can access information and communicate worldwide. Due to its vast amount of information and services available online, fashion trends can also be accessed through the web.

Online websites such as style.com and fashiontrendsetter.com provide online news regarding recent fashion trends, colours, accessories and news. Fashion magazines including Elle and Vogue are also now available to access online, again providing the most recent fashion related information. The internet currently makes searching and analysis key themes for each season more accessible for those wanting up-to-date trend information.

BOOKS

Published books are very good at educating and informing the reader about the fashion industry. The internet is a great source of information, but books seem to have a more trusted and reliable image. The back ground and history of the fashion industry, designers and brands as well as the processes of fashion can be found in many books and are constantly used for referencing.

When it comes to forecasting books, it is hard for them to contain information of the current trends due to the fast-paced consumer culture existing today. By the time the book regarding the latest key trends is published and released, the chances that those trends have faded out are high. Fortunately forecasting books are a great tool to help with predicting and spotting current trends by teaching the reader where and how to look for emerging themes.

AGENCIES

Trend forecasting agencies provide a comprehensive trend forecast analysis for its clients, carrying all the research, monitoring and analyzing of information allowing fashion companies to focus on the business, products and day-to-day running, rather then spending a vast amount of time gathering this information themselves.

Forecasting agencies, such as Trend Stop and WGSN, provide clients with the latest trend forecasts and themes as well as tracking emerging trends and delivering relevant insights into consumer and market needs in order to help client’s commercial success and give inspiration. Employing the help of an agency can be extremely useful, however the services provided can be very expensive depending on the available budget to spend on such assistance.

MARKET RESEARCH

Market research is an important factor in understanding the market place you are in. The initial stage is about understanding the area within the market your products falls under, as there are many areas within the fashion industry such as retail, e-commerce and luxury, etc. Once it has been established which part of the market your business caters for, it is then appropriate to examine this area further. It is the stage where you can gather information, facts and figures and learn about the many areas of the specific area your products fall under.

Market research allows you to gather information about customers and the current market condition. In regards to customers, it is important to learn about their buying habits, needs and tastes, reactions to new products and their purchasing power. To find out more about these subjects it could be a good idea to carry out a survey or questionnaire; other methods include focus groups or phone interviews. It is up to you to decide which one is best suited for your own market research.

Understanding the current market condition means looking into the expected market growth, possible outside influences and threats distribution channels, market size, profitability and trend patterns. These are just a few examples that may be relevant when it comes to developing the market research, as there may be more areas that need covering along the way.

Upon completing the market research, a market analysis will usually follow. The analysis is included to compile all the market research and findings to literate the key points, vital facts and outlining any other key elements.

The finished report is then given to the retailer who will use the information presented to decide the company’s future objectives.