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.
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).
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.