Formal wear is a niche in the fashion sector that proves difficult to gauge statistics wise simply because the definition wise formal wear includes a wide range of apparels and continues to expand. Post pandemic, the lines have blurred as traditional occasions for formal wear have lessened and its definition even more diluted. Almost 39 per cent of fashion executives surveyed by Business of Fashion (BoF)- McKinsey State of Fashion Report 2023, stated occasion wear can be among the top three sales drivers in 2023. Another 27 per cent respondents in the same survey stated office wear would be another sales driver along with occasion wear although offices worldwide are still sitting on the fence regarding physical attendance and meetings. In another report issued by Euromonitor, retail sales of shirts and blouses, non-denim trousers and skirts in the US and Europe are projected to grow at a faster rate between 2022 and 2026 than they had in the 10 years before the pandemic.

Rentals are a new and growing niche

The Global Online Rental Market report issued by Verified Market Research agency predicts a healthy growth in the formal wear category. The market size of rentals was valued at $1,304.32 million in 2021 and projected to reach $2,803.69 million by 2030, growing at a CAGR of 9.97 per cent from 2022 to 2030. Demand for online clothes rental is being driven by consumers’ needs for designer outfits and truly shifting fashion proclamations.

The other driver of rentals is the collective awakening of consumer conscience towards sustainable clothing and avoiding wasteful practices. This is particularly prevalent at the moment in Europe and seeping into the minds of consumers in Australia, and the North Americas. In formal wear, the women’s category holds the largest market share and growth potential and in terms of geography, North Americas will drive the volumes in rented formal wear.

Women’s formal wear being redefined

Typically, western office wear and evening wear were dominated by dresses and skirt suits but a new trend is emerging since this year. Labels such as J.Crew and The Frankie Shop showcased oversized suits and trousers in soft materials for customers looking for polished, fashionable but comfortable styles. Work wear label M.M. LaFleur has honed its ‘power casual’ category of structured knit tops and washable twill trousers. The brand said in early 2022, its power casual styles were generating triple the sales of dresses that used to drive about a third of the company’s sales prior to the pandemic.

Garments with hybrid details that bridge formal and casual attire are here to stay. Formal structures infused with comfortable materials that often incorporate performance fabrics, like sweat wicking or stretch are now on the ‘must have’ lists. Cashmere joggers from Burberry and Loro Piana or linen and crochet shirts from Jil Sander and Jigsaw can be dressed up or down depending on the occasion and are exactly what women today are looking for.

Emergence of smartorial in menswear

From January and September 2022, the key word ‘smartorial’ doubled on Google. This trending word stands for fusion of men’s apparel items that are versatile in functionality and form – working for all occasions, from leisure to formal. Keeping up with this trend, established brands in formal men’s wear have started launching their interpretations - Italian luxury label Zegna produced a relaxed take on daily attire in its Autumn/Winter 2021 campaign, which it calls ‘luxury leisurewear,’ offering versions of its signature tailoring in jersey knits and other soft fabrics. Similarly, labels like Kiton and Brioni have effectively shifted their focus from traditional work wear and suits towards hybrid pieces that can function well across activities.

By Fashionating World
https://www.fashionatingworld.com/new1-2/post-pandemic-formal-wear-changes-as-smarotirals-make-an-entry