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Fashion industry analysis studies fashion trends, brands, demographics, and shopping habits. It can be small-scale or industry-wide, and includes SWOT analysis and market research on trends, existing and new markets, and customer buying habits. The fashion industry is divided into design, manufacturing, and sales, and is one of the largest markets in the world.
Fashion industry analysis seeks to understand how the fashion industry works, what the fashion trends are, and which brands people do and don’t buy and why. It appears to understand demographics, shopping trends, and brand awareness. This type of analysis can be divided into various types of research with different purposes and focuses. Small-scale analysis can study a brand, a store, or even an element of a brand, such as tops or skirts. Other analyzes are industry analyzes that study the entire market, such as fashion weeks, trends and customer buying habits.
The link between all these types of fashion industry analysis is the industry itself. The fashion market is one of the largest markets in the world. It produces more products and employs more people than the electronics and automotive industries, and is nearly equal to the food industry in its importance to most consumers.
The fashion industry is divided into three main sections. The first section is design, which is the creation of new products, lines, styles and even brands. The second is manufacturing, which is the making of the actual clothes. Finally, there is sales, which is the part of the fashion industry that most consumers see and interact with.
One of the favorite methods of small-scale research in the fashion industry is Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. SWOT analysis is an analytical tool that is used by headquarters and local shops to evaluate the performance of a brand and the threats posed by its competitors. Many store managers use SWOT analysis to ensure their items are displayed correctly, that the store is structured to maximize its potential, and that sales, pricing and branding can outperform any competitor.
Dedicated market research firms perform more general forms of analysis of the fashion industry. These investigations can be conducted on behalf of the brands themselves, as an independent company or on behalf of national governments and institutions. They can be broken down into surveys that examine trends, existing markets, new markets, and customer buying habits.
Trends are popular products or styles that sell well in a short period of time. One year, for example, the hottest trend might be long skirts, but the next year it might be shorter. Analyzing the fashion industry that focuses on trends helps companies understand what’s selling well around the world so they can adjust their product lines accordingly.
The existing markets cover a wide range of sales markets. These include countries that have always been receptive to fashion brands, including fashion hubs such as Italy, France, the UK and the US. This type of research is used to examine the health of the market and how it is developing and evolving over a particular period of time.
New and developing markets are countries that have little or no history of international fashion brands and fashion sales. In the 1960s and 1970s, Japan became a booming market and the same happened to China in the late 1990s. Research in these markets is used to determine where the next boom will be, who is buying, what their budgets are, and what their tastes are.
Customer buying habits are an integral part of fashion industry analysis, because customers drive sales and make profits. Without the support of a significant number of willing customers, a fashion brand is likely to wither and die. Fashion companies want to know if customers are using social media, responding well to advertising, and feeling positively about specific brands and lines, as well as if they’re following trends.
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