One of the main questions when starting a fashion business is “How do I research the fashion market, segment the market and select the niche.”
In fact, this question was asked just this last week by one of my course members and I decided to reply via a post.
To reply, I have chosen the North American market as an example.
The following video will enable you to understand exactly what is happening in the fashion industry at this moment in time.
Also I would suggest that you look at the www.Neilsen.com website.
Once you visit the site:
- Select your country
- Select Industries and select Consumer packaged goods.
- Once you have read through that document, you can fill in the contact form for more information.
- Then click the Measurements tab and select Retail
- From here you will see links to Emerging Opportunities and What’s in Store. Within these sections, you will get some information to help you determine which route you should consider.
Finally, the following is certainly food for thought in your marketing research.
“In 2009, between 75 and 100 percent of global consumers agreed they were in the grips of a recession according to the Nielsen Global Omnibus Survey. Just two years later, emerging markets had re-ignited their economic engines while Western Europe, Japan and the U.S. continued to struggle against financial headwinds. The factors contributing to emerging market growth are manifold, including:
- Market vitality
- Population growth.
- Product innovation.
- Purchasing power.
- Women consumers.
- Middle class.
- Young populations.
- Consumer connectivity “
The above was taken from the following page and do visit the site for more information … http://nielsen.com/us/en/insights/reports-downloads/2012/emerging-markets-emerging-opportunities.html
There is enough information in that paragraph alone to confirm to you that there are great opportunities, provided the manufacturing is in the right location!
Having said that, if you are starting a fashion business or clothing line, then there is no reason why you could not start from your own kitchen table like many other people have done in the past.
Obviously, the niche you decide to create will have to be in the designer arena due to fact that you will be working a set amount of hours. You would not be able to compete with the low priced, bulk purchased stock which people find in stores locally but you will be able to compete with the designer boutique garments.
Is this a good time to enter into the fashion business arena.
Yes, most definitely if you believe what IBISWorld has to say on the subject. Having read the full press release, it is obvious from the information which they released that the fashion business has great potential growth over the next five years at least.
“Over the five years to 2017, revenue is anticipated to grow steadily. The increasing visibility and accessibility of fashion will bode well for industry participants, as consumers’ budgetary constraints diminish. Additionally, collaborations with fast fashion outlets are expected to remain a mainstay of the industry, attracting a growing proportion of the population and allowing for steadier revenue streams.”
Taking into account all the information above, I think this covers the question of how to do market research, how to decide on which niche to go into and also I would visit www.npd.com with regard to fashion demographics to segment the fashion industry.
The following informative video is from that company.
With the above information on the fashion market, this is surely an excellent time to be considering to starting a fashion business. If you are completely new to the fashion industry with no formal education in this area, then please help yourself to my free report. Just fill in your details on the opt-in at the side of this page or go directly to the website at http://www.howtofashionbusiness.com and it’s possible that you too could be one of the success stories in the fashion business, one day.
It is fascinating to know that regardless of the economy, high-end quality garments have stood their own, therefore should you be researching the fashion market for your own future fashion business, then surely this is the safest market to enter into?