Formal Wear & Costume Rental in the US - Industry Market Research Report

Loose ties: Heightened online-based competition will place downward pressure on industry revenue

Formal wear and costume rentals have weakened in recent years resulting from stagnation in the rental customer base, which is adults aged 20 to 64. Rising external competition and falling marriage rates have also contributed to falling rentals. Also, rising household income levels allow consumers to purchase formalwear outright instead of renting. The pandemic also crushed rental services as health and safety regulations forced many physical locations to close. Many special events that require formalwear were also canceled or postponed. Overall, industry revenue has decreased at a CAGR of 4.9% to $691.4 million over the past five years, including a decrease of 5.3% in 2023 alone. 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 . This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.