Jewelry trend forecasting is all about predicting forthcoming trends in jewelry based on current styles prevalent across art and fashion sphere. Compared to apparel industry, trend forecasting in jewelry world is not something usually heard of.
This is why it is important to understand this concept, because it certainly has the potential of being game-changer for jewelry business.
It's not about just the random prediction of what will be trending in future. Detailed analysis and study is involved wherein jewelry trend forecasters take into consideration social and cultural changes ranging from movies to fashion shows and exhibitions around the world.
In short, you can say it's the prediction of mood and buying habits of jewelry consumers.
Does trend-forecasting really matter?
It's now no more the question of identifying customers' age, geography or income. Now, it's about how and why they buy based on their inclinations, beliefs and the occasion.
In this ever-changing world with rapidly growing technology base, traditional and demographic-based ways of targeting consumers are no more relevant. With today's more aware and information-savvy consumers, it's important to focus on mood and lifestyle of people.
Today's generation has more knowledge of latest fashion trends with fresh appreciation for designs, and willing to break shackles of traditional ways. Jewelry buying is now not just based on price, it's the design as well that matters.
In this fast moving world with present-day styles leading the race, buyers are readily adopting new designs (even modern interpretations of traditional designs). So, companies and brands embracing changing consumer mindsets place themselves in a better position than slow-movers.
If the innovation in business models is not brought about and jewelers just sit on their past laurels without putting effort to gauge the psyche of today's buyers, then they will be inviting their downfall. It's simple, "adapt or perish".
This is where professional jewelry trend forecasters like - "Trendvision Jewellery & Forecasting" are helping jewelry companies in their operational planning. These independent research centers monitoring jewelry trends, in fact help in attracting consumers while helping businesses and designers sell their brands.
Methodology of Jewelry Trend Forecasting
Jewelry trend forecasters are the specialists from jewelry industry with vast amount of insider knowledge along with hands-on experience in production to design collection. They basically look for styles and ideas that they think have future potential, and based on that signal the new jewelry trend.
Trendvision has international network of
professionals from New York, Paris, London and Hong Kong that collect
and analyze the information from across the different domains - from
mines to global organizations to fashion industry. They analyze
sociocultural development in society that can influence fashion and
designs in jewelry space.
Based on this data they produce their research report and translate it into format that can be easily understood by various stakeholders.
Finally, it has to be understood that for a modern consumer, jewelry is more than an investment, with equal
importance given to design and functionality. Jewelry is no more meant
for storing in safes. Now, focus is more on wearable and impact making
jewelry with contemporary appeal.
So, from a jewelry industry perspective, it will be wrong to assume that diamond and gold will always be there, and will anyhow drive jewelry sales. It's imperative to realize that until and unless latest jewelry designs and collections of jewelers do not mirror the contemporary trends and tastes, today's buyers will not stay for too long on their counter.