Lol, Sadie, I am not 100% sure what Pantone is, but in a few words, they decide what colors are popular across industries from year to year. I heard that was true many years ago, but I just more recently saw news coverage on them.
I believe this year's color is Radiant Orchid.
I think 2013 was colbalt blue.
If you pay attention to them, and then go shopping for clothing, craft items or home items --- you will probably see that they really do control the colors!! Not that someone can't decide to use other colors, but it is amazing how much the industries work together.
It will be interesting if the wine color will also be present in summer clothes next year. As clothes go I think it looks nice on everyone. For crafting I am not so sure.