What Is The Definition Of The Global Tailoring And Alteration Services Market?
Tailoring and alteration services involve customizing or modifying clothing to achieve a perfect fit and updated style through adjustments, repairs, and refinements. It provides customized fitting and modification of clothing to ensure garments suit individual preferences and body shapes, enhancing both comfort and style. These services also allow for the rejuvenation of older garments, extending their lifespan and maintaining their style.
Tailoring And Alteration Services Global Market Report 2024 provides data on the global tailoring and alteration services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tailoring and alteration services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Tailoring And Alteration Services Market Size And Annual Growth Rates?
The tailoring and alteration services market has seen steady growth and is projected to increase from $8.96 billion in 2023 to $9.40 billion in 2024 at a CAGR of 4.9%. This growth is driven by the demand for customized fashion, well-fitted clothing, the expansion of formal attire needs, fashion influences, and a push for sustainability and garment longevity. The market is expected to reach $11.42 billion by 2028, growing at a CAGR of 5.0%. Factors contributing to this growth include awareness of personalized tailoring benefits, higher disposable incomes, the rise of digital tailoring platforms, and increased fashion influence. Key trends include technological advancements, online tailoring services, 3D scanning, smart tailoring solutions, and virtual fitting rooms.
Which Key Drivers Are Propelling The Tailoring And Alteration Services Market's Growth?
The expansion of the fashion industry is driving growth in the tailoring and alteration services market. Factors such as increased consumer spending on clothing, the rise of online shopping, and a focus on trend-driven, personalized fashion are fueling the industry's growth. Tailoring and alteration services enhance customer satisfaction by providing garment adjustments for a perfect fit. In November 2023, the UK Fashion and Textile Association reported that the UK fashion and textile industry contributed $81 billion (£62 billion) to GDP in 2023, supporting 1.3 million jobs and generating $30 billion (£23 billion) in tax revenues. This growth in the fashion industry is boosting the tailoring and alteration services market.
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What Are The Key Segments Within The Global Tailoring And Alteration Services Market?
The tailoring and alteration services market 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
How Are New Trends Impacting The Size Of The Template Tailoring And Alteration Services Market?
Companies in the tailoring and alteration services market are forming strategic partnerships to improve garment functionality and appearance. Strategic partnerships involve collaboration between independent organizations to achieve shared objectives. For instance, in June 2024, UK-based retailer Marks & Spencer partnered with SOJO, a clothing repair and tailoring service provider, to launch the M&S Fixed by SOJO repair service. This online initiative offers zipper replacements and invisible knitwear repairs, with items returned within seven to ten days. The partnership addresses research indicating only 10% of consumers feel confident repairing clothes themselves, while 60% seek more sustainable retail options.
Which Region Drives The Highest Growth In The Tailoring And Alteration Services Market?
North America was the largest region in the tailoring and alteration services market in 2023. 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.
