Global Tailoring And Alteration Services Market Top Major Players 2024, Forecast To 2033
12 Nov, 2024
The tailoring and alteration services market has grown steadily in recent years. It is projected to grow from $8.96 billion in 2023 to $9.40 billion in 2024, at a CAGR of 4.9%. This growth can be attributed to the increasing demand for customized fashion, rising 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 longer garment life. The tailoring and alteration services market is expected to reach $11.42 billion by 2028, with a CAGR of 5.0%. This growth is supported by rising awareness of personalized tailoring benefits, increased disposable incomes, the growth of online tailoring platforms, and a rise in global fashion influences. Key trends include technological advancements, online platforms, 3D scanning, smart solutions, and virtual fitting rooms.
Major Driver In The Tailoring And Alteration Services Market
The expanding fashion industry is anticipated to boost the tailoring and alteration services market. This sector encompasses the design and sale of clothing and accessories, fueled by increased consumer spending, online shopping, and a focus on personalized fashion. Tailoring services provide customized adjustments for optimal fit and satisfaction. In November 2023, the UK Fashion and Textile Association reported that the UK fashion industry contributed $81 billion to GDP in 2023 and supported 1.3 million jobs, underlining the market's significance.
Request A Free Sample Of The Tailoring And Alteration Services Market ReportTailoring And Alteration Services Market Competitive Landscape
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
Key Tailoring And Alteration Services Market Trend
Companies in the tailoring and alteration services market are forming strategic partnerships to enhance the appearance or functionality of garments. A strategic partnership involves collaborating with other organizations to achieve mutual goals while maintaining independence. For instance, in June 2024, Marks & Spencer, a UK-based retailer, teamed up with SOJO, a UK provider of clothing repair and tailoring services, to launch the M&S Fixed by SOJO clothing repair service. This online service offers zip replacements and invisible knitwear repairs, returning items within seven to ten days. This initiative addresses research showing that only 10% of consumers are confident repairing clothes themselves, while 60% seek more sustainable retail options.
Purchase The Global Tailoring And Alteration Services Market Report Directly And Get A Swift DeliveryGlobal Tailoring And Alteration Services Market Segmentation
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
By Geography:The regions covered in the tailoring and alteration services market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Tailoring And Alteration Services Global Market Report 2024 furnishes information about the global tailoring and alteration services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.