Radiant Orchid 18-3224.

The Pantone Color of the Year is "Radiant Orchid." (Pantone)

If you're not familiar with this specific shade, it's like a pinky-purple.

"Radiant Orchid blooms with confidence and magical warmth that intrigues the eye and sparks the imagination," said Pantone, the company that selects the Color of the Year. "It is an expressive, creative and embracing purple-one that draws you in with its beguiling charm. A captivating harmony of fuchsia, purple and pink undertones, Radiant Orchid emanates great joy, love and health."

Wondering how to incorporate radiant orchid into your life? Choose it as a nail color or incorporate it into your wardrobe. The "rosy undertones radiate on the skin, producing a healthy glow when worn by both men and women," according to Pantone.

If you're looking to use it in your home, it's a "gorgeous combination when paired with turquoise, teal and even light yellows."

Pantone's annual color coronation is one part cultural indicator and one part marketing forecast. The choice is influenced by movies in production, fashion runways, traveling exhibitions, new artists, technology, travel hot spots, sports and other socio-economic conditions.

Last year's top color was Emerald. In 2012 it was Tango.