Fashion Forecasting in the Age of the Pandemic
"From plagues to floods to black Tuesday, fashion goes on," read a March 4, 2020, headline in The New York Times. But will it?
Who can accurately predict what the state of the fashion industry will be after the coronavirus health crisis ends? Prognosticating during a disaster can be dubious. Nevertheless, some trend forecasters and fashion publications have become more reassuring in these difficult and uncertain times. These publications and forecasting agencies are stepping to the forefront to help designers, CEOs, freelancers, and recent fashion graduates with informative content.
"The stakes are high that is the reason why the TRANOÏ team stands up to anticipate the new challenges that the business will face soon," wrote Boris Provost, CEO of Tranoï, the Paris-based fashion tradeshow for emerging designers, in a recent LinkedIn post.
While forecasters' valuable insights have lived behind costly subscribers-only gated paywalls, this moment depends on greater transparency and collaboration—and a recognition of the devastating financial blow this ongoing crisis has dealt fashion. Many of these forecasters and publications have started offering expanded free content to help the fashion industry survive.
The Business of Fashion, Fashion Snoops, WGSN, and Tranoï are using Instagram Live and Zoom webinars to educate, inform, and reassure fashion industry professionals. This back-to-basics practicality is an ironic change for an industry that favors the illusion of glamour and exclusivity, but crisis demands a new way of behaving. Questions of aesthetic references, cut, silhouette, color, and texture dominated fashion conversations during the Fall/Winter 2020 international fashion weeks. Now, the conversation is no longer focused on sartorial questions, but on the survival of the fashion industry. As Sourcing Journal aptly titled their next industry panel, the focus is on "salvaging seasons to come.”
The global pandemic is expected to wipe 40 billion Euros in profits from the luxury market in 2020, according to a new survey conducted by Bernstein and Boston Consulting Group. Other experts have analyzed the financial repercussions of the crisis. The Business of Fashion released a coronavirus update of its 2020 State of Fashion report, co-authored with global management consulting firm McKinsey & Company.
Apart from the financial losses for brands, the crisis is also forcing a directional change in messaging and a change in product focus according to Ad Age. The challenge for public relations professionals will be to promote their clients while also appearing relevant and sensitive.
“You need to pause and strategize — how can we help clients be relevant, genuinely relevant, at a time when everyone is absolutely terrified,” said public relations guru Sara Fitzmaurice, founder of Fitz & Co. in The New York Times. Luxury and fashion brands are being forced to adapt to a new, no-contact reality. What it means too is a deep reflection on consumption patterns and ethical practices in the fashion industry.
Here's a roundup of informative fashion resources to guide you through the global crisis.
Business of Fashion
The Business of Fashion, the highly-regarded online publication founded by Imran Amed now offers expanded free content through “Ask Me Anything” chats on Instagram Live and webinars through their BoF Live platform.
Fashion Snoops
Fashion Snoops, a prominent trend platform hosts an informative crisis-related webinar series entitled "Fear Into Fuel" featuring trend experts and hosted by Lilly Berelovich, Fashion Snoops’ Co-Founder and Chief Innovation Officer.
Tranoï
Tranoï, the Paris-based tradeshow for emerging fashion and accessory designers is supporting fashion federations and Parisian tradeshows in a solidarity campaign as well as making the founders available for “Ask Me Anything” chats on Instagram. CEO Boris Provost has made himself remarkably accessible to fashion professionals during the crisis.
WGSN
World's Global Style Network (WGSN), a New-York based trend platform, offers expert updates via the WGSN Instagram profile from the likes of Carla Buzasi, Managing Director; Francis Wong, senior creative director of WGSN; and Claire Foster, Head of Accessories and Footwear.