Forecasters use social systems, fashion leaders, andfollowers to evaluate their potential of an innovation. Consumers have a largeinfluence on potential innovations. Forecasters observe consumers likes anddislikes and how they react to new trends and styles. Forecasters make surethat consumers will accept their innovations more than the products andmerchandise already out. Forecasters utilize social media platforms andmagazines to develop potential innovative ideas.
As the innovation starts out, fashion leaders and innovatorsget the process rolling and create awareness. As time progresses, theinnovation is taken on by early adopters who look up to the fashion leaders andinnovators. This creates interest. After the early adopters take on theinnovation, the majority of consumers evaluate it and try it out.
Depending onwhat the majority decide, it will be either confirmed as acceptable ordistanced and faded out. From there, it rounds out its life cycle with the lateadapters and laggards catching on.The consumer faces economic, enjoyment, and social risks.The economic risk the consumer faces would be performance issues after makingthe purchase or adopting an innovation. Another economic risk would be theprice of the product and how it may decline the ability of the consumer topurchase other products in the future. An enjoyment risk the consumer mightface is the product not living up to expectations and not liking it as much ashoped. Along with the product not meeting the highly anticipated expectations,another risk could be growing boredom of the product after buying it oradopting it.
A social risk the consumer could face is their social/friend groupnot approving or accepting the product or innovation.Fads are at the shorter end of the life cycle. They areshort-lived due to sales peaking quickly and then dying out just as fast as itarrived. Fads are considered more personal than other fashion changes and fewerpeople may adopt specific fads. Fads also tend to take to specific segments ofsociety. Fashions are different than fads in that they have a longer life cycleand are accepted by more people across a broader spectrum. Classics are evenmore different than fashions and fads in that they have the longest life cycle.Classics are accepted by most of society.
They continue to last through timewith some changes or adaptations here and there to add variation. Opinion leaders,influential, mavens, and retailers all play a role as fashion change agents. Therole of a fashion change agent is to help communicate fashion styles and trendsvisually and verbally. They begin the diffusion process and spread newinnovations within their social groups. Fashion change agents keep up theirknowledge on current fashion more than others. They also have the aesthetictaste and social sensitivity to assemble a stylish look.