Tuxedo Rental Market Is Estimated To Witness High Growth Owing To Increasing Number of Weddings and Social Events

The Tuxedo Rental Market is estimated to be valued at US$ 822.3 Mn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights ‘The growth of the tuxedo rental market is primarily driven by the increasing number of weddings and social events across the globe.

According to wedding statistics, over 2 million weddings take place annually in the United States. Moreover, rising disposable income has increased the average wedding spending which has led to more lavish and formal weddings requiring suits and tuxedos. Furthermore, expanding working professional population owning less formal attire has also augmented the demand for tuxedo rentals for events and parties.

Key Market Trends: Video Magazine Trend: Many tuxedo rental companies today offer video magazines on their websites and mobile applications that allow customers to browse through thousands of styles, fabrics, and colors. This helps the consumers to get a real visualization of different tuxedo options and make informed decisions virtually.Customized Fitting Experience: Most premium tuxedo rental providers are focusing on providing customized fitting experience to their customers. Through advanced body scanning and virtual fitting technologies, customers now can try various styles digitally and select the best fitting and looking tuxedo suited for their body type and needs.

Tuxedo Rental Market Opportunity: The weddings segment accounts for the largest share in the tuxedo rental market. Tuxedos remain an integral part of wedding attire for groomsmen and other male wedding attendees. With the growing number of weddings taking place worldwide every year, the demand for tuxedo rentals is also increasing significantly. Various tuxedo rental companies offer a wide range of designs, colors and styles suited for different wedding themes. They also provide bundle packages for grooms parties and groomsmen attires at discounted rates. The convenience of rental and availability of different options is driving the adoption of tuxedo rentals over purchases for weddings.

Many high schools across North America and Europe hold annual prom nights, which see a large number of male students renting tuxedos. Rising disposable incomes have also increased the number of corporate events, galas, award ceremonies and other celebrations where wearing a tuxedo remains a style statement. Tuxedo rental companies are expanding their collections to include metallic colors, patterned trousers and blazers tailored for non-wedding events. The growing demand from such occasions along with one-time nature of requirement is boosting the proms and events segment.

Key Market Takeaways: The global tuxedo rental market size was valued at USD 822.3 Mn in 2024 and is anticipated to witness a CAGR of 6.1% during the forecast period 2024-2031. The market is driven by the increasing number of social events like weddings and growing fashion consciousness among modern consumers.

By Type, the lounge suits segment held the dominant market share owing to their versatility and suitability for diverse occasions. On the basis of Product Type, the evening tuxedo segment is expected to dominate the market over the forecast period due to rising popularity of black tie events.

Regionally, North America is anticipated to dominate the global tuxedo rental market during the analysis periodowing to robust spending on weddings and proms in countries like the US and Canada.

Competitor Insights: Some of the major players operating in the global tuxedo rental market include A Formal Affair.,SuitShop,The Black Tux, Zippy Tux, Neighbors Men’s Store, Rent the Runway, Thriller, TFL Tux, Signet Corporate Attire and Genteel. These key players are focusing on enhancing their product offerings and using advanced fabrics and designs to strengthen their positions in the market.

Recent Developments: Popular promotions may include free accessories or tailoring with bridesmaid dress rentals, group discounts for parties above a size, early bird coupons for June/July dates etc. Email/social blasts, influencer tie-ups and event sponsorships also keep the brands top-of-mind among wedding planning couples. This fine-tuned focus on wedding season promotions is converting to greater rental revenues. More information in full report.