What is 'market research' in the fashion industry?

Market research in the fashion industry involves the systematic collection and analysis of data regarding consumers, their preferences, and competitors in the market. This process is essential as it helps fashion designers and brands understand the needs and desires of their target audience, allowing them to create products that resonate with consumers. By gathering information about buying habits, market trends, and competitor strategies, companies can make informed decisions about product development, marketing strategies, and overall business direction. This is crucial for remaining competitive and relevant in the ever-evolving fashion landscape. The insights gained from market research directly influence design decisions and marketing campaigns, ensuring that the offerings align with current market demands.