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top   »  science   »  statistical analysis   »  trend forecasting

What is Trend Forecasting?

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Trend forecasting is the art and science of predicting the future direction of something. This can be done with analysis of existing data to try to spot the emergence of a trend. It is also common for trend forecasting to be based on the ideas and actions of influential media personalities, lead users or companies in a particular space.
The fashion industry was an early adopter of trend forecasting as a strategy planning tool. Fashion consumers change their purchasing behavior rapidly. It is common for a particular garment, style, color, print, material or accessory to become incredibly popular for one season. Fashion forecasters use a variety of methods to predict these trends including the work of influencing designers and early adopters of fashion trends such as a demographic of young women in a particular urban area such as Paris, Tokyo or New York.
Overview: Trend Forecasting
Area
Decision Making
Definition
Predicting the future direction of something.
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