In magnetic resonance imaging with hyperpolarized (HP) noble gases, data is often acquired during prolonged gas delivery from a storage reservoir. However, little is known about the extent to which relaxation within the reservoir will limit the useful acquisition time. For quantitative characterization, 129Xe relaxation was studied in a bag made of polyvinyl fluoride (Tedlar). Particular emphasis was on wall relaxation, as this mechanism is expected to dominate. The HP 129Xe magnetization dynamics in the deflating bag were accurately described by a model assuming dissolution of Xe in the polymer matrix and dipolar relaxation with neighboring nuclear spins. In particular, the wall relaxation rate changed linearly with the surface-to-volume ratio and exhibited a relaxivity of κ=0.392±0.008 cm/h, which is in reasonable agreement with κ=0.331±0.051 cm/h measured in a static Tedlar bag. Estimates for the bulk gas-phase 129Xe relaxation yielded T1bulk=2.55±0.22 h, which is dominated by intrinsic Xe-Xe relaxation, with small additional contributions from magnetic field inhomogeneities and oxygen-induced relaxation. Calculations based on these findings indicate that relaxation may limit HP 129Xe experiments when slow gas delivery rates are employed as, for example, in mouse imaging or vascular infusion experiments.