Can you suggest a book/resources on understanding the life cycle of trends?

Yes, definitely there are. I’m studying this very topic in one of my classes. The class is called the sociology of collective episodes and one part of the class focuses on fads and fashion. It’s pretty interesting stuff.
There’s something called the “natural history approach” which talks about how fads begin and then die by breaking it into four parts: latent period, breakout period, peaking period, and decline.
Read about Georg Simmel and his studies on fads/fashion. He talks about how they both integrate and differentiate people in societies.
You could also read material by Thorstein Veblen who discusses the types of consumption.
We watched a video that might interest you also. It’s called “Merchants of Cool” and you can easily find it in Google videos.

You could also take the business approach of the Product Life Cycle. Probably not exactly what you’re looking for, but it can be applied to trends. In the PLC there are 4 stages: introduction, growth, maturity, and decline (kind of like the 4 periods of the “natural history approach” listed by Allie above). The lengths of each stage in the PLC are completely dependent of the individual product/company/trend/etc. Very easy to look up information on PLCs on any business database or just by googling Product Life Cycle.

Read The Savage Girl by Alex Shakar. It’s fiction. It is one of the first post-ironic texts. It’s deconstructive, and a very critical of current advertising trends.

The Tipping Point…Gladwell