Tailoring And Alteration Services Market Share, Opportunities Analysis, Recent Trends, Regional Growth And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Tailoring And Alteration Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The tailoring and alteration services market size has grown steadily in recent years. It will grow from $8.96 billion in 2023 to $9.40 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to the rising demand for customized fashion, increasing consumer preference for well-fitted clothing, the growth of formal and professional attire needs, the influence of fashion trends, and the desire for sustainability and extended garment life.

The tailoring and alteration services market size is expected to see strong growth in the next few years. It will grow to $11.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to the rise in awareness about the benefits of personalized tailoring, growth in disposable income, growth in online and digital tailoring platforms, increasing number of fashion influencers, and rise globally. Major trends in the forecast period include technological advancements, online tailoring platforms, 3D scanning, smart tailoring solutions, and virtual fitting rooms.

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Market Drivers and Trends:

The growing fashion industry is expected to propel the growth of the tailoring and alteration services market going forward. The fashion industry involves the creation, production, and sale of clothing, accessories, and footwear, catering to diverse styles and trends across different market segments. The fashion industry's expansion is driven by higher consumer expenditure on clothing, the growth of online shopping, and a greater focus on trend-driven and personalized fashion. Tailoring and alteration services in the fashion industry offer customized adjustments to garments, ensuring a perfect fit and enhancing overall customer satisfaction. For instance, in November 2023, according to a report published by the UK Fashion and Textile Association (UKFT), a UK-based association for fashion and textile companies, the UK fashion and textile industry contributed $81 billion (£62 billion) to the nation's GDP in 2023 and supported 1.3 million jobs. Additionally, it generated over $30 billion (£23 billion) in tax revenues. Therefore, the growing fashion industry is expected to drive growth in the tailoring and alteration services market.

Major companies operating in the tailoring and alteration services market are adopting strategic partnerships to enhance the appearance or functionality of a garment. A strategic partnership is a collaborative relationship between two or more organizations that join forces to achieve mutual goals while remaining independent. For instance, in June 2024, Marks & Spencer, a UK-based retail company, partnered with SOJO, a UK-based provider of clothing repair and tailoring services, to launch the M&S Fixed by SOJO clothing repair service. This service, accessible online, offers zip replacements and invisible knitwear repairs, with items returned within seven to ten days. The initiative responds to research showing only 10% of consumers feel confident repairing clothes themselves, while 60% seek more sustainable retail options.

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Major Key Players of the Market:

Saks Fifth Avenue, Neiman Marcus, Tailored Brands Inc., Etsy Inc., Ermenegildo Zegna, Suitsupply BV, Stitch-It Canada's Tailor Inc., T.M.Lewin, The Savile Row Company, LookSmart Alterations, Ganni A/S, Alteration Express, Cad & The Dandy, Huntsman & Sons, Sojo, London Tailors, The Perfect Fit, Hemster Inc., The Fitting Room, Alterations Boutique, Manhattan Tailors, Harrods Limited, Argys Tailoring

Tailoring And Alteration Services Market 2024 Key Insights:

• The tailoring and alteration services market size is expected to see strong growth in the next few years. It will grow to $11.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Growing Fashion Industry Set To Boost Tailoring And Alteration Services Market
• Enhancing Garment Services Through Strategic Partnerships
• North America was the largest region in the tailoring and alteration services market in 2023

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