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Formal Wear & Costume Rental in the US Industry Data and Analysis
The Formal Wear and Costume Rental industry is navigating an environment marked by shifting demand drivers and evolving consumer behavior. After the 2021–22 wedding surge temporarily boosted activity, providers face slower event volumes and a younger, more diverse customer base redefining rental value. Gen Z and Millennial renters now anchor most women’s rental transactions, using digital platforms to access designer looks and outfit variety without full‑price commitments. Their motivations, ranging from budget sensitivity to sustainability and social‑media‑inspired outfit churn, are reshaping assortment strategy, marketing and merchandising. High‑rotation categories such as occasion dresses, statement pieces and costumes that photograph well are generating consistent traffic, prompting providers to expand size inclusivity, offer trend‑based edits and offer flexible membership plans. Overall, industry revenue has increased at a CAGR of 1.7% to $1.1 billion through the end of 2026, despite a 1.7% drop in 2026 alone.
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What's included in this industry analysis
IBISWorld's research coverage on the Formal Wear & Costume Rental industry in the United States includes market sizing, forecasting, data and analysis from 2016-2031. The most recent publication was released March 2026.
About this industry
What's this industry report about?
The Formal Wear & Costume Rental industry in the United States operates under the NAICS industry code 53222. 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). Related terms covered in the Formal Wear & Costume Rental industry in the United States include tariff, e-commerce and baby boomer.
What's included in this industry?
Products and services covered in Formal Wear & Costume Rental industry in the United States include Men's formal wear, costumes and accessories rental , Women's formal wear, costumes and accessories rental and Other.
What companies are included in this industry?
Companies covered in the Formal Wear & Costume Rental industry in the United States include Tailored Brands Inc.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Formal Wear & Costume Rental industry in the United States.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Formal Wear & Costume Rental industry in the United States.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Formal Wear & Costume Rental industry in the United States.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Formal Wear & Costume Rental industry in the United States. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Formal Wear & Costume Rental industry in the United States. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Formal Wear & Costume Rental industry in the United States. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Formal Wear & Costume Rental industry in the United States. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Formal Wear & Costume Rental industry in the United States.
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Frequently Asked Questions
What is the market size of the Formal Wear & Costume Rental industry in the United States in 2026?
The market size of the Formal Wear & Costume Rental industry in the United States is $1.1bn in 2026.
How many businesses are there in the Formal Wear & Costume Rental industry in the United States in 2026?
There are 1,035 businesses in the Formal Wear & Costume Rental industry in the United States, which has declined at a CAGR of 0.9 % between 2021 and 2026.
How may import tariffs affect the Formal Wear & Costume Rental industry in the United States?
The Formal Wear & Costume Rental industry in the United States is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Formal Wear & Costume Rental industry in the United States?
The Formal Wear & Costume Rental industry in the United States is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Formal Wear & Costume Rental industry in the United States grown or declined over the past 5 years?
The market size of the Formal Wear & Costume Rental industry in the United States has been growing at a CAGR of 1.7 % between 2021 and 2026.
What is the forecast growth of the Formal Wear & Costume Rental industry in the United States over the next 5 years?
Over the next five years, the Formal Wear & Costume Rental industry in the United States is expected to decline.
What are the biggest companies in the Formal Wear & Costume Rental industry in the United States?
The biggest company operating in the Formal Wear & Costume Rental industry in the United States is Tailored Brands Inc.
What does the Formal Wear & Costume Rental industry in the United States include?
Men's formal wear, costumes and accessories rental and Women's formal wear, costumes and accessories rental are part of the Formal Wear & Costume Rental industry in the United States.
Which companies have the highest market share in the Formal Wear & Costume Rental industry in the United States?
The company holding the most market share in the Formal Wear & Costume Rental industry in the United States is Tailored Brands Inc..
How competitive is the Formal Wear & Costume Rental industry in the United States?
The level of competition is moderate and increasing in the Formal Wear & Costume Rental industry in the United States.
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