Week 3: Baby Boomers, Trendforecasters & their Clients

Baby Boomers

According to Investopedia, baby boomers refer to the people born post-war, in the years 1946-1964. In America, this demographic represents nearly 20% of the population, thus they have a significant impact on the economy. (1)


Fig 1.1: Infographic (2)

The biggest difference between Baby Boomers and Millenials is the preference regarding using technology, be it the use of smartphones or social media. Boomers tend not to spend a lot on entertainment or dining out, with clothing expenses declining drastically at 42% for 45 to 54 year olds and 70% for 55 to 64 year olds.(3) This does not bode well for the fashion industry! However, we have numerous other demographics and consumer types to focus on, thus the difficulty of marketing to Baby Boomers is not a big problem.


Trend Forecasting Companies & their Clients

1. Trendstop(4)

Fig 2.1: Trendstop's logo

Fig 2.2: Trendstop's clients

Other than providing trend forecasts to various companies, Trendstop also offers in-depth catwalk analyses on fresh runway shows each season to pinpoint emerging trends. However, some reports and forecasts must be purchased to view.


2. Trendwatching (5)

Trendwatching boasts of clients hailing from Asia to Germany, over 1200 in number. These include fashion brands such as H&M, Estee Lauder and Fossil Asia Pacific. Clients from Singapore, where their head office is based, include Singapore Telecommunications and Singapore Tourism board.


Bibliography
1. Investopedia (2016), Baby Boomer, Available at http://www.investopedia.com/terms/b/baby_boomer.asp (Accessed 23 January 2016)

2. Weiler, E. (23 June 2015),  "eCommerce Infographic: Baby Boomer vs. Millennial Shopping Habits" [Online image]. Available at http://www.nextopia.com/blog/2015/06/ecommerce-infographic-baby-boomer-vs-millennial-shopping-habits/ (Accessed 23 January 2016).

3. Touryalai, H. (15 October 2012). "Baby Boomer Spending Habits: Here's What's Really Hurting Their Retirement". Forbes. Available at http://www.forbes.com/sites/halahtouryalai/2012/10/15/baby-boomer-spending-habits-heres-whats-really-hurting-their-retirement/#751e9e714b70. (Accessed 23 January 2016)

4. Trendstop (2002-16) Available at www.trendstop.com.(Accessed 23 January 2016)

5. Trendwatching, Available at http://trendwatching.com/premium/clients/#form (Accessed 23 January 2016)

Week 1 & 2: Introduction, The Diffusion of Innovation Curve

In the introduction to the Fashion Forecast module, we learnt that fashion is defined by a number of factors - luxury, communication, culture, lifestyle & identity.

Thus, these factors also come into consideration when forecasting trends for the upcoming seasons. In particular, lifestyle and culture play imminent roles in influencing future trends and styles. Changes in demographics and psychographics will inevitably affect future trends.

Forecasting fashion requires utilizing innovation and creativity in one's concepts.

The diffusion of innovation curve 

(from the Trend Forecaster's Handbook)

Innovators and Early Adopters are crucial to identify as they influence the public, and thus the global hive mind.

Within the weeks to come, I hope to identify and place people on this map as we discover more new trends.