A trend is an idea or phenomenon that seems to be gaining popularity at a particular time. It’s not only about fashion, pop culture and entertainment; it can also be a stock market trend reflecting economic indicators or a political trend demonstrating a nation’s current mood.
Identifying trends is crucial for many industries. For example, a clothing designer needs to understand consumer demands and preferences so she can create products that will appeal to the market. This is done through a process called trend analysis, which involves gathering data and using it to make forecasts about future demand.
The first step in trend analysis is to determine what’s driving the trend. This could be a fabric innovation that leads to longer and shorter hemlines or a change in fashion direction (like a pendulum swing from fitted to oversized silhouettes). It might even be a global event such as the emergence of a new style of dress or a shift toward more feminine designs. Once the cause has been identified, it’s then possible to analyze the trends and determine the likelihood that they will continue.
There are a number of different ways to evaluate a trend, including using a time series model, an econometric model or a judgmental model. A time series model looks at past data to predict the trend’s future impact. An econometric model uses statistics and regression to assess the trend’s potential for growth. A judgmental model is useful if historical data isn’t available.
For business, keeping up with trends can boost engagement and product sales. For instance, if you offer a product that’s in line with a social media trend, it will help your brand stay relevant to your target audience. Trends can also inspire new product ideas, which is why it’s important for businesses to monitor the latest developments in their markets.
Machine learning and AI scan billions of web pages and various media channels to find topics gaining traction. They then measure each topic’s Google Search volume trend and determine its overall relevance. A human analyst then reviews each trend to ensure it’s business-relevant before adding it to the Trends Database. The database currently has 13,000 vetted trends that you can browse and filter by category.
