Predicting the Future: An Overview of the Colour Forecasting Industry

Abstract

Colour is so constantly in evidence in our lives that we are inclined to give it almost no conscious attention.’ (Guptill, 1980)Colour influences all aspects of our lives, from the food we eat and the clothes we wear to the environment in which we work (Duncker, 1939). The colour of an item of apparel worn by someone has an impact on how they are perceived by others and how they perceive themselves. This means that consumers are extremely sensitive to colour when choosing apparel goods. There are several factors that influence colour choice, and while tradition and convention may for certain items dictate a restricted and well-understood colour palette, there are other items where there is considerably more scope for colour choice. This presents those with responsibility for merchandising decisions with a series of opportunities with regard to colour. There are however important implications for those making colour decisions. Choose colours that do not sell and the cost can be considerable with stocks of unsold garments on the shelves and purchases missed. The penalties for getting a colour range out of balance, or plain wrong can include loss of sales, profit and market share. Selecting the wrong brightness or chroma for a product may lead to losing market share to competitors who have achieved the correct balance of colours.This paper aims to contribute towards a greater understanding of colour decision-making by considering some of the factors that influence colour selection decisions, looking at the services that are available to those making decisions about colour and analysing the processes involved in colour decision-making. An attempt will also be made to develop a strategic framework to assist in the management of colour selection.