Fashion Forecasting: Shaping the Future of the Indian Apparel Market
It is widely believed that the concept of fashion forecasting originated over a century ago in France and US, when forecasts were made on colors and materials that might galore in the season ahead. In a bid to minimizing waste and markdowns, these forecasts enabled stakeholders to create what would appeal to the consumers, while also tilted the inclination of consumers to particular colors or textiles. The concept has, however, come a long way since and to answer the question at the onset – Yes, fashion forecasting is the future of the apparel market, in India (a relatively newer market in the realm of organized fashion) and that future is now. An evident report substantiating the same is how the current discussions around it has advanced to AI accelerating innovations in fashion forecasting, at platforms like Turkey’s Istanbul Fashion Connection Show.
Even as fashion forecasting has conventionally been a thing of the West, it assumes all the more significance for the Indian market, owing to a simple fact that the country is currently amongst the world’s largest textile and apparel producing markets. The growth trajectory of the domestic apparel market further suggests that it is poised for some major organizing or restructuring of self in the immediate future. With increased preference for premiumization, triggered significantly by global exposure through digitization, the consumers are likely to be more discerning and aware of trends, thereby creating the need as well as the opportunity for brands and retailers to amp up their game via adaption of tools such as fashion forecasting.
In wake of the aforementioned status quo and improved government trade regulations, the industry has in fact begun to adopt global-best practices throughout the supply chain to address the demands in domestic as well as international markets more effectively. It is probably why some retail giants are taking a steadfast approach and adopting fashion forecasting. More significantly, instead of relying on the predominant global forecasters, they are now banking on the sole Indian fashion forecaster. This also comes with an increasing awareness to produce more consciously while trend forecast aids this decision making and has been the proven method of design development globally over.
With ‘Create to Consume’ as the new mantra, demand or fashion forecasting has evolved as the key to fine tuning the current reactions of consumers to product references. Therefore, subscribing to a fashion tend forecast is slated to be a necessity to keep up to emerging consumer aspirations and desires that may not yet have been recorded as a sales figure. This becomes even more critical amid the growing fashion/apparel market landscape of India with increased number of D2C brands joining the fray. While it has facilitated expansion into the differentiated niche markets, knowing and understanding the larger ecosystem is now a necessity, making a strong case of integration of fashion forecasting, which aids design thinking and new concept explorations bound to resonate with the consumer.
It is now essential to understand as to why and how fashion forecasting makes such drastic impact on the overall prospects of an apparel/lifestyle brand. Let’s take into consideration India’s only fashion forecaster with deep expertise in Indian wear. First and foremost, it connects the dots between fashion retail, apparel manufacturing and Indian consumers by executing a 360 degrees trend research that encapsulates all elements like consumer sentiment, runway trends, travel & experience trends, political impact, market reports, designers instinct as well as cinema, entertainment and celebs. More than 900 curated sources are researched into to zero in on the broad trends or sentiments. It is followed by applied human zeitgeist and resultantly illustrated pictorial representation of original art & design, with respect to colors, fabric, designs, silhouettes etc. What it further facilitates with are macro themes, pattern trends, key fabrics & surfaces as well as key details, 1000+ research-oriented creative assets and capsule ideas for fresh market opportunities. While it ensures a sure shot winner for Indian wear in men’s and women’s fashion, it also serves as a major inspiration for other segments to rule the Indian market. Whether it’s about the future or the present, trend forecasting is currently a necessity for the fashion and lifestyle industry.
This article was authored by Anuradha Chandrasekhar, Co-Founder & Chief Creator at ICH Next.
