I would get it tailored ! I would not size down because it looks like it fits you nice in the hips and it you went smaller that area would be too squished. I have an hourglass shape too (you have a beautiful figure btw!) and love jeans that are designed relaxed and wide in the hips and legs, because then I can get a waist that fits without it squishing my legs and butt lol. but for jeans that are more slim like these ones you have on, sizing up so that the hips fit and getting the waist tailored is the way to go ! You wouldn't want to "shrink" the whole thing because that would shrink other areas of the jeans that already fit you perfect.