Thus Fashion forecasting is used within the fashion/textile industry as a means of directing companies into new ideas of color/fabric/theme/mood and yarn developments for different product types and levels. Knowledge of trends and future market requirements is increasingly important to the industry. While there is no definitive fashion story, accessing the right color palette, researching fabric and styling trends to suit a particular niche and customer profile is essential. The degree and quality of information available to designers and its interpretation, given an effective marketing strategy, effectively dictates their success.

Forecasting fashion in the Indian scenario

The phenomenon of fashion moving from the ramp to the road seems to have started happening in India. Over the last one year, fashion has been highly visible, at least on the streets of metros. Western winds of fashion are reaching metros like Mumbai and New Delhi virtually overnight. We also see new categories added to customer wardrobes like clubwear, travel gear and loungewear. This indicates a segmentation of the customers' wardrobe. This also means that there are new brands and labels, although not heavily advertised, easing into the market riding on the trend of new segments. We expect this trend to rise further, mainly because fashion as a market allows brands to be created mainly on the product look. The biggest achievements are not from increasing efficiency, but by risk management. This would mean that by riding on fashion trend one would fetch maximum benefits. However, there is no agency today, which brands or retailers can follow for fashion forecast of domestic market. We still have to follow international forecasts and thereby miss out on lot of opportunities.