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

The Formal Wear and Costume Rental industry has struggled over the five years to 2018, 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 enabling them to purchase the same goods for only slightly more than the cost of renting. Over the five years to 2023, revenue is expected to continue declining...purchase to read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies

Industry Threats & Opportunities

  • The industry has been strongly affected by heightened online competition and a decline in the number of marriages
  • Consumers are most likely to purchase their formal wear and costumes when apparel prices are low
  • As the number of marriages falls, demand for rentable formal wear will likely decline
  • Industry Report - Industry Investment Chapter

    The Formal Wear and Costume Rental industry has a medium level of capital intensity. IBISWorld estimates that for every dollar spent on wages, industry operators will spend $0.24 on capital investments. Capital investment is mainly spent on inventory and technology. Over the past five years, capital intensity has remained stagnant. While clothing styles have shifted slightly over the past five years, tuxedo and suit styles have remained largely unchanged, which has kept depreciation purchases from expanding. Formal wear wholesaler Paul Morrell Formalwear added only 10 new tuxedo styles to its portfolio in 2016, which is indicative of this slow change in style. This relatively stagnant change has kept capital investment from expanding for the industry over the past five years...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's in this report

    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 under the age of 25
  • Consumers aged 55 to 64
  • 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
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Per capita disposable income (2009-2023)

  • 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.
  • What Our Customers Say

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    The Formal Wear & Costume Rental industry market report contains strategic analysis of the key drivers influencing the industry. Save hours of time on research and prospecting using IBISWorld’s standardized, up-to-date reports on thousands of industries. Our industry research provides growth and profit forecasts for a five-year outlook period, presented in a clear and user-friendly format.

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    • 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

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