The tailoring and alteration services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Tailoring And Alteration Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Tailoring And Alteration Services Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Tailoring And Alteration Services Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Tailoring And Alteration Services Market Report Structure
3. Tailoring And Alteration Services Market Trends And Strategies
4. Tailoring And Alteration Services Market – Macro Economic Scenario
5. Global Tailoring And Alteration Services Market Size and Growth
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32. Global Tailoring And Alteration Services Market Competitive Benchmarking
33. Global Tailoring And Alteration Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tailoring And Alteration Services Market
35. Tailoring And Alteration Services Market Future Outlook and Potential Analysis
36. Appendix
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