TUXEDO RENTAL MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The global tuxedo rental market is estimated to be valued at USD 822.3 Mn in 2024 and is expected to reach USD 1,244.5 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. The global tuxedo rental market has been gaining significant traction over the past decade, primarily owing to the growing number of social gatherings such as weddings, proms, formal, and corporate events globally. Traditionally worn by men, the trend of women renting tuxedos has also increased over the years for unique fashion statements. Moreover, the increasing affordability of renting high-end formal wears compared to outright purchase provides a strong impetus. Several retailers now offer customized rental packages for tuxedos along with accessories to meet a wide variety of outfit needs.
Market Dynamics
Key drivers such as the rising number of social events coupled with the growing acceptance of unconventional fashion trends have been fueling the global tuxedo rental market. However, the availability of low-cost alternatives through rental marketplaces may restrain the revenue potential to some extent. On the other hand, emerging opportunities lie in catering to increasing women customer base and tailored rental packages for weddings and other ceremonies. The market players could also focus on eco-friendly rental models and subscription services to tap into the untapped opportunities.
Key Features of the Study
- This report provides in-depth analysis of the global tuxedo rental market, and provides market size (USD Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global Tuxedo Rental market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Men's Wearhouse, Jos. A. Bank, Generation Tux, Black Tux, Friar Tux, Tuxedos by Sarno, Formalwear by H&M, SuitShop, David's Bridal, Amazon (Rental Services), Rent the Runway, Tuxedos & More, Savvi Formalwear, Prestige Tuxedo, and A Formal Affair
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global tuxedo rental market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global tuxedo rental market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Global Tuxedo Rental Market' - Global forecast to 2031
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