An important point about markets and
fashion trends is that they change over time.
A trend changes seasonally, annually or can epitomize an era.
The first stage of the trend life-cycle is the introduction stage.
The next is growth, then comes the maturity stage, and finally the decline,
which made her laugh to nothing, or remain low and constant in the case of a
fashion classic. Sales of the fashion fad might take off suddenly. Growth might
be rapid, reach a peak and then drop quickly, the sad will die out once
everyone who wants the particular fashion has it. Fashion buyers need to be
shop when it comes to fads while they obviously have great potential if you get
it right, there is a risk of getting on the bandwagon too late and being caught
with stock no one wants. When a fashion trend reaches maturity, sales will
flatten out. This is the indication that the market is saturated and sales will
start to go into. Declining sales for a specific retailer or supplier could also
result when a trend is established, and other competitors offer something
similar that consumers prefer.
Megatrend- a megatrend is a large social,
cultural, economic, political or technological change that is slow to form but
will influence a market over an extended time frame, e.g. an aging population,
globalization.
Macrotrend- is generally within a decade,
and effects trends to do with lifestyle, e.g. food, travel, education.
Microtrend- is the shifts in attitudes and
behaviors that create a change in consumers and is generally a unique sector or
specific.
Fad- never lasts, quick in popularity yet
quick in decline. Normally seasonal.
Classic- is a prevailing trend, often
military or utilitarian, e.g. a white shirt or a suite.
Effects on brands…
- Heterophilous – open, keen on change and
differentiation, likely to innovate and take risks.
- Hemophilous – reluctant to engage with
the different and new.