Fashion: from concept to creation.

Karen M. VideticVirginia Commonwealth

UniversityDepartment of Fashion Design

and Merchandising

Major Market Trends in Fashion Today

• Globalization• Inflation• Demographics• Technology• Branding• Green Movement• Product Development

Globalization

• Products are produced primarily outside of the United States.

• Retailers are internationalizing.• Labor costs drive the industry.• Brands are marketed globally

due to slacking domestic demand.

• Growth is global and both horizontal and vertical for the fashion organization.

Inflation

• Oil drives up costs of products.– Textiles – Freight

• Trade off of delivery costs vs. labor costs

• Consumers are driven by price and retailers by gross margin.

• Clothing has been deflationary until now.

Demographics and Psychographics

• America is:– Aging

• Open vs. closed minds– Multicultural

• Hispanics have a median age 14 years younger than whites

• Immigration– DINKS– Distance widening between

consumer types– Regional markets

• Oldest consumers in New England

VALS and Geo VALS

• Researchers can add a zip code to define who lives in a specific trading area.

• VALS is about the psychology of behaviors and not about age, education, etc.

Technology

• Lectra & Gerber Systems

• Social Networking and marketing

• POS systems• Telephones as debit

cards• Smart labels

Branding

• Vertical integration• Customization• Private Label• Lifestyle (attitude not age)

• Service• Sizing• Brands make a promise

to their customer; and they must deliver what they promise.

Green Consumers

• Organic vs. sustainable• Socially conscious• Textiles– Bamboo, hemp, cotton

• Marketing• Manufacturing• Celebrity endorsement

Product Development

• Think “fast fashion” = Zara and H & M

• Runway to rack in 3 weeks

• Planned obsolescence• Consumer driven • Responds to store sales

trends• Forecasting is pivotal