Suit yourself: Affordable imports and online rental services have lured consumers away from the industry

The Formal Wear and Costume Rental industry has lost footing over the five years to 2017, as rising external competition and the falling marriage rate have caused industry revenue to decline. Furthermore, inexpensive imports are diverting consumers away from rental services by allowing them to purchase the same goods at little more than the cost of renting. Over the five years to 2022, revenue is expected to continue declining as a steep annualized decline in the marriage rate and increased online-based competition will continue to push unprofitable companies to exit the industry...read more.

Industry Statistics & Market Size
Revenue
$498m
Annual Growth 12-17
-1.0%
Forecast Growth 17-22
Profit
Employment
6,861
Businesses
1,628
Market Share of Companies
What Our Customers Say

Industry Threats & Opportunities

  • Rising external competition and the falling marriage rate have caused industry revenue to decline
  • Consumers are most likely to purchase their formal wear and costumes when apparel prices are low
  • Over the next five years, IBISWorld expects that the marriage rate will fall
  • Industry Report - Industry Locations Chapter

    The distribution of costume and formal wear rental establishments closely follows the US population. The Southeast, which is the most populous region in the United States, holds the largest concentration of industry establishments, while the Rocky Mountains region, which is the least populous, houses the fewest industry establishments. Consumers are the primary market for industry establishments; therefore, areas with larger populations are ideal for industry operators, as the pool of potential customers is bigger in those areas.Southeast and Great LakesThe Southeast and Great Lakes are both highly populous regions and represent the first- and second-highest concentrations of industry establishments, with 22.2% and 17.5%, respectively. Illinois (5.5% o...purchase to read more.

    Additional Insights for the Formal Wear & Costume Rental Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Formal Wear & Costume Rental Industry are

  • Ability to control stock on hand
  • Being part of a franchising chain
  • Economies of scale
  • IBISWorld analysts also discuss how external factors such as Per capita disposable income and External competition for the Formal Wear and Costume Rental industry in the Formal Wear & Costume Rental industry impact industry performance..

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    What is the Formal Wear & Costume Rental Industry?

    Establishments in this industry primarily rent attire such as formal wear, costumes and other clothing to end consumers. This industry does not include companies that primarily sell these items, nor does it include Internet-based companies. This industry also does not include companies that primarily launder and supply uniforms and work apparel; these operators are included in the Industrial Laundry and Linen Supply industry (IBISWorld report 81233).

    Industry Products
  • Men's formal wear, costumes and accessories rental
  • Women's formal wear, costumes and accessories rental
  • Other (accessories)
  • Industry Activities
  • Women's formal wear (e.g. bridal wear and gown) rental
  • Men's formal wear (e.g. tuxedo and suit) rental
  • Costume rental
  • Motion picture wardrobe and costume rental
  • Theatrical wardrobe and costume rental
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Per capita disposable income
  • External competition for the Formal Wear and Costume Rental industry
  • Import penetration into the manufacturing sector
  • Marriage rate
  • Number of adults aged 20 to 64

  • Current Performance
  • External influences
  • Incomes and imports
  • Industry exits and wages
  • Chart: Revenue Growth

  • Industry Outlook
  • External forces
  • Import penetration and profit
  • Industry structure
  • Table: Formal Wear & Costume Rental Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Formal Wear & Costume Rental Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Footwear Wholesaling
  • Men's & Boys' Apparel Manufacturing
  • Men's & Boys' Apparel Wholesaling
  • Women's & Children's Apparel Wholesaling
  • Women’s, Girls’ and Infants’ Apparel Manufacturing

  • Products & Services
  • Men's formal wear, costumes and accessories rental
  • Other (accessories)
  • Women's formal wear, costumes and accessories rental
  • Chart: Formal Wear & Costume Rental Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Consumers aged 35 to 44
  • Consumers aged 45 to 54
  • Consumers aged 25 to 34
  • Consumers aged 55 to 64
  • Consumers under the age of 25
  • Consumers aged 65 and older
  • Chart: Major Market Segmentation for the Formal Wear & Costume Rental Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchases and depreciationWagesRent and utilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs Formal Wear & Costume Rental

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Formal Wear & Costume Rental Industry

  • Industry Globalization
    Tailored Brands Inc.
  • Table: Tailored Brands Inc. - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Formal Wear & Costume Rental Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Formal Wear & Costume Rental Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Per capita disposable income (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Baby Boomer
  • The demographic of Americans born between 1946 and 1964, accounting for a major proportion of the population.
  • E-Commerce
  • The buying and selling of products and services via electronic systems, such as the internet.
  • Tariff
  • A tax on an imported item.
  • Why buy this report?

    IBISWorld’s Formal Wear & Costume Rental Industry Research Report offers insight into the market at the national level. Our analysis highlights macro trends in the overall sector and the micro trends faced by companies that do business in the Formal Wear & Costume Rental industry. Our five-year outlook forecasts explain how the market is set to change and the product segments that will drive growth.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Formal Wear & Costume Rental:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Formal Wear & Costume Rental market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Formal Wear & Costume Rental, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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