What is trend forecasting?

Trend forecasting is the study of recognising, analysing, and foreseeing upcoming trends and styles in numerous industries, markets, or areas. This includes gathering statistics, reviewing, and gaining knowledge to get evolving fluctuations in client behaviour, skills, economy, values, and other impacts that summarise the future. Learning how to differentiate designs and comparative affluences the development of analysing trends, styles, and markets to predict upcoming trends and expansions.

Trend forecasting categorises business openings and risks, product developments, market location, and enhancing appeal that anticipates consumer needs and preferences. It is helpful to progress origination, uniqueness, reducing risk and ambiguity, refining brand rank, better decision-making, and increasing customer fulfilment.

Why trend forecasting is significant: Supporting industries, businesses, and designers to analyse future investments, creative expansion, organising budding styles and trends, shifts in skills, customer preferences, and categorising areas to grow and mature. Identifying preliminary developing trends allows brands and companies to stay ahead of competitors and capitalise on new prospects.

Trend forecasting also helps lessen the possible risk of changes in customer needs and preferences, ensuring optimum distribution of resources, reducing waste, and cultivating efficiency. Inspiring the brands to look into more advanced and creative areas for growth by providing valuable visions into the market and strategies as per the need analysis.

Methods used for trend forecasting: Industry uses multiple tools to gain the best outcomes, like qualitative research such as interview methods, focused groups, surveys, data analysis, social media analysis, market research reports, expert consulting, historical trend analysis, SWOT analysis, and data mining by using resources such as trend hunter, Google Trends, and design, Delphi method, and technology publishings.

Industry determined by trend forecasting: Service industries rely greatly on forecasting to fulfil consumer needs. Industries like fashion, design industry, technology, finance, healthcare, marketing, retail and automotive, food and beverages, entertainment, and travel need to stay connected with the ever-changing movements of trends.

Challenges and limits in trend forecasting:

1. Uncertainty and instability
2. Complications of Global Markets
3. Quick technical changes
4. Ever-changing consumer behaviour
5. Statistics Excellence
6. Accurateness and consistency
7. Time-sensitive and resources
8. Personal prejudices

JD Institute of Fashion Technology offers various courses in design fields, trend forecasting is a vital part of their syllabus, mainly in the fashion and lifestyle departments, devoted to research and development, focussing on recognising and analysing evolving trends, colour, textile trends, and lifestyle, issuing trend books and reports, and providing scholars and industry experts with valued insights on future trends.

Workshops, seminars, events, fashion shows, trend board creation, fashion trend analysis, forecasting tools and techniques, and industry collaborations to provide students with hands-on experience in trend forecasting, state-of-the-art facilities and faculties boast the experiences of learning for the scholars, guiding them to a successful career.

Achievement: Establishments where our graduates have proficient careers in trend forecasting are Mark & Spencer, Tommy Hilfiger, Raymond, Arvinds, Vogue India, Elle India, WGSN, Trendspace, and many more.

Conclusion: By executing trend forecasting into the curriculum, JD Institute of Fashion Technology prepares scholars for a productive career in the fashion and design industries to comprehend trend forecasting philosophies, analyse trends and practices, and develop skills in predicting future trends. MA in fashion communication is an extensive course to understand the in-depth of future insights.