Cheap suit: Revenue is expected to rise, but low-cost imports will limit industry growth

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.


Industry Threats & Opportunities

  • Even as the economy rebounds, low-cost imports will continue to infiltrate the market
  • Growing imports have led to fluctuating industry profit margins over the past five years
  • Import penetration into the manufacturing sector will increase the availability of low-cost imported apparel
  • Industry Analysis & Industry Trends

    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.

    Industry Report - Industry Products Chapter

    Men's rental of formal wear, costumes and accessories

    Men's formal wear, costumes and accessories rentals are expected to account for 76.1% of industry revenue in 2017. Rental items within this segment include tuxedos, suits, formal shirts, vests, shoes, costumes and accessories. These items are generally rented on a short-term basis for formal occasions, such as weddings, proms and other black tie affairs. As a share of industry revenue, this segment has remained fairly stagnant over the past five years, but has lost some market share due to a rise in the number of businesses renting formal wear to women.

    Women's rental of formal wear, costumes and accessories

    Women's rentals make up the second-largest industry segment at an estimated 12.6% of revenue. Ite

    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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    Industry Products

    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. 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

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    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

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

  • Demand Determinants
    Major Markets
  • Consumers aged 45 to 54
  • Consumers aged 35 to 44
  • 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
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitPurchasesWagesRent 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
    Major Companies
    Tailored Brands Inc.
  • Table: Tailored Brands Inc. - financial performance

  • Operating Conditions
    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
    Key Statistics
    Table: Industry Data for the Formal Wear & Costume Rental Industry
  • 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
    Jargon & Glossary
    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 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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