Formal Wear & Costume Rental in the US
Revenue for the Formal Wear and Costume Rental industry has increased over the five years to 2019, backed by growth in the industry's overall customer base. However, rising external competition and the falling marriage rate have offset industry growth. 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 2024, revenue is expected to decline. A sharp decline in the marriage rate during the coming five-year period, combined with increased online-based competition, will likely drive down industry revenue and push unprofitable companies to exit.
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.
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