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Major Market Shift in Tailoring And Alteration Services Industry: Enhancing Garment Services Through Strategic Partnerships
Tailoring And Alteration Services Market
In recent periods, the tailoring and alteration services market has experienced significant growth. This industry is projected to expand from $9.4 billion in 2024 to $9.89 billion in 2025, representing a compound annual growth rate (CAGR) of 5.2%. Factors contributing to this growth during the historic period include the surging demand for personalized fashion, the inclining consumer preference for clothes that fit well, the expansion of formal and professional clothing demand, the impact of fashion trends, and the aspiration for sustainability and prolonged lifespan of garments.
Anticipated to experience consistent expansion in the coming years, the tailoring and alteration services industry is projected to reach a worth of $11.97 billion in 2029, progressing at a compound annual growth rate (CAGR) of 4.9%. This projected growth during the prediction span can be credited to expanding awareness of personalized tailoring advantages, an increase in disposable income, the emergence of digital tailoring platforms online, a boost in fashion influencers, and a worldwide rise. Noteworthy trends during this anticipated period include technological progress, online tailoring platforms, 3D scanning technologies, intelligent tailoring solutions, and virtual dressing rooms.
What Factors Are Propelling the Expansion of the Tailoring And Alteration Services Market?
The anticipated growth of the tailoring and alteration services market is likely to be fueled by the expanding fashion industry. The scope of the fashion industry spans the inception, production, and sale of various clothing items, accessories, and footwear, tailored to various styles and market sectors. The industry's growth is attributed to increased consumer spending on clothes, burgeoning online shopping culture, and a more trend-focused and personalized fashion approach. Tailoring and alteration services in this realm offer customized tweaks to garments, ensuring an optimal fit and boosting customer satisfaction. For example, a report by the UK Fashion and Textile Association (UKFT), a UK-based firm for fashion and textile businesses, revealed that in November 2023, the UK fashion and textile industry added $81 billion (£62 billion) to the UK's GDP in 2023, supporting 1.3 million jobs. It also generated tax revenues exceeding $30 billion (£23 billion). Consequently, the evolving fashion industry is predicted to spur growth in the tailoring and alteration services market.
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Which Businesses Are at the Forefront of Tailoring And Alteration Services Market Development?
Major companies operating in the tailoring and alteration services market are 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
What Are the Latest Innovations in the Tailoring And Alteration Services Market?
Leading firms in the tailoring and alteration services arena are implementing strategic alliances to improve the look or practicality of an outfit, a strategy that sees two or more independent entities cooperate in pursuit of common objectives. For example, in June 2024, retail firm Marks & Spencer, located in the UK, established a partnership with SOJO, a UK entity known for its clothing repair and tailoring services. The goal was to roll out the M&S Fixed by SOJO clothes mending service, an online platform that offers services like replacing zippers and undetectable knitwear fixes, with a return window of seven to ten days. The initiative came as a reaction to findings that only 10% of consumers are comfortable fixing their own clothes, while 60% prefer more eco-friendly retail choices.
How Is the Tailoring And Alteration Services Market Segmented?
The tailoring and alteration servicesmarket covered in this report is segmented -
1) By Service: New Creations, Alterations, Garment Repair
2) By Consumer Orientation: Male, Female
3) By Clothes Type: Business Wear, Casual Wear, Other Clothes Types
4) By End-User: Individual Consumers, Businesses, Other End-Users
Subsegments:
1) By New Creations: Custom Clothing Design, Wedding Dresses And Formal Attire, Tailored Suits And Blazers, Unique Fashion Pieces
2) By Alterations: Hemming And Shortening, Taking In Or Letting Out Seams, Adjusting Sleeves And Cuffs, Altering Dress Lengths And Silhouettes
3) By Garment Repair: Patch Repair And Mending, Zipper Replacement, Button Replacement, Repairing Tears And Holes
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Where Is the Tailoring And Alteration Services Market Growth Most Prominent?
North America was the largest region in the tailoring and alteration services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tailoring and alteration services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Tailoring And Alteration Services Global Market Report?
- Market Size Analysis: Analyze the Tailoring And Alteration Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Tailoring And Alteration Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Tailoring And Alteration Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Tailoring And Alteration Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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