Effect 3 trend watching trend tracking and luxury services

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One of the main reasons that consumers have become marketing experts is their desire to be trendy at all times and in some cases, at all costs. The majority of luxury consumers now follow fashion trends religiously, which has led to their becoming self-fashion stylists. Their fashion knowledge has also led to an ability to interpret hidden branding and marketing messages that are targeted at their subconscious.

The need to be trendy is being fuelled by the mass media, notably fashion magazines and television shows, which hound consumers with fashion articles and features with non-stop lists and images of fashionable people. Also every season, multitudes of new fashion trends emerge, requiring different attitudes, moods and interpretations. Several brands have also developed preseason collections, which sometimes conflict with the styles of the main collections. In addition, there is a continuous increase in the number of fashion brands around the world, with enticing product and services offerings. These factors have led to consumers being overloaded with fashion information and product choices. Consumers can hardly keep up with the frequent style changes in the fashion market. Consequently they seek a solution through tracking fashion and lifestyle trends. The information they obtain guides them in defining their own individual styles.

Trends information is increasingly found in the mass media and on the internet through fashion e-zines. Fashion magazines are often filled with product features of various luxury fashion brands and advice on how to wear them. Also, numerous websites and online fashion retailers offer free services on fashion styling and coordination. 'Style Advisers' and 'Style Consultants' have also become important roles in the fashion industry as a result of the growing consumer demand for trends services. Also the title of 'Style Icon', given to some celebrities has become as much a career as being an actor or musician. These avenues of trends information all provide consumers with the possibility of becoming stylish.

The need for fashion trends information has also extended from consumers to the luxury brands that provide the trends. This is because the luxury market has become highly competitive and brands are now required to be well-informed in order to stay ahead of the game. The trends information and analysis needs of luxury brands extends from consumer lifestyle trends to consumer attitudes towards fashion. These provide luxury brands with a framework to assess the consumers' potential interpretation and response to their products.

The demand for trend analysis by luxury brands has led to the emergence of a services sub-sector within the fashion industry, known as the 'Fashion Trend Service'. This service is provided by several companies like online-based Trendwatching.com, which supplies up-to-date information on consumer trends through individual trend scouts all over the world. Other companies like hintmag.com and jcreport.com offer fashion trends information through online magazines available by paid subscription. Yet other e-zines like Daily Candy provide fashion trends and news to the public for free. The fashion trend information service also extends to trend advice provided by the likes of Hong Kong-based Parisexchange.com. Another aspect of the trends service for consumers is Trend Analysis and Intelligence, being pioneered by London-based company, The Future Laboratory and Nice-based company, Style Vision. The utilization of fashion trends companies indicates that assessing consumer response is a key tool for the development of effective branding strategies.

Figure 7.2 The luxury industry's leading information source, Luxury Briefing Journal, is available only by subscription through www.luxury-briefing.com. It addresses the luxury sector's need for relevant market information and analysis.

Photography by Jonathan Glyn Smith

Figure 7.2 The luxury industry's leading information source, Luxury Briefing Journal, is available only by subscription through www.luxury-briefing.com. It addresses the luxury sector's need for relevant market information and analysis.

Photography by Jonathan Glyn Smith

Luxury Fashion Trend Images

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Figure 7.3

Quintessentially, the world's leading private members club and concierge service provides luxury consumers with up-to-date luxury fashion and lifestyle information through the Quintessentially magazine. This addresses the consumer need to be in the know about new trends.

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In addition to trends tracking, several luxury services companies have emerged to provide services ranging from market information for both brands and consumers to concierge services for consumers. The information provided includes marketing intelligence, analysis and consumer lifestyle insights. Notable among these information sources are the pioneer luxury industry journal, Luxury Briefing (Figure 7.2), published by Atlantic Publishers, UK and available only by subscription; and High Net-Worth magazine, produced by London-based Ledbury Research.

Also, the world's leading private members' club and concierge service company, Quintessentially (Figure 7.3) provides a combination of private club and concierge services in addition to its magazine, Quintessentially, which is circulated among celebrities and the world's wealthy but is also available to the wider public by subscription.

Trend tracking is not a new concept in the fashion industry, as it has been practised as a part of marketing research for a long time. However, the current strong focus on trailing the rapid changes in the fashion sector by both consumers and brands has never been seen in the history of fashion. This is one of the effects of the new attitudes to luxury.

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100 Fashion Tips

100 Fashion Tips

One of the most important things you need to take note of about becoming fashionable is to get fitter. Therefore, if you are carrying some extra pounds, then you should lose some of it soon. You can do it through dieting, working out, or a good combination of both. Find more fashion tips like this one within this guide.

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Responses

  • lisa
    How to prevent Luxury become fashion?
    9 years ago
  • consuelo boni
    Has the luxury market become highly competitive?
    8 years ago

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