Who needs black tie in a recession? The answer is more people than you would think.
England 21/07/2012- Who needs black tie in a recession? The answer is more people than you would think
Most black tie events are pretty swanky affairs, they cost a lot to put on and to go to them can also cost quite a bit of money. Therefore, in a recession as deep as the one we are currently going through, you would expect there to be far less of them. As a result, sales of black tie suits would be expected to fall back. However, this has not really happened.
Sales are down, but no more than sales in general. There is still plenty of demand for tuxedos, waistcoats, cummerbunds and bow ties, as well as for cufflinks and dress shoes. Black tie suits from Austin Reed and many other retailers are still selling well.
Where the demand for black tie attire is coming from
Various clubs and organisations traditionally hold black tie events. Some of them have been doing so for over a hundred years and they are certainly not going to let a shortage of money get in the way of such a long held tradition. Therefore, they are continuing to hold their black tie events as normal.
Award ceremonies are usually black tie, and the number of award ceremonies appears to be on the increase rather than in decline. In a recession, industries have to market themselves even more strongly in order to survive. Awards are a great way of showcasing what an industry has to offer and drawing attention to the industry as a whole. The press love to attend award ceremonies and the resulting coverage of the awards is quite literally priceless. Therefore, they are an important part of any awareness or PR campaign.
The prom is another place where black tie is being worn. It is an opportunity for kids to dress formally for the first time in their life and is a tradition that on the increase.
The demand is coming from many quarters, but the net result is that black tie suits from Austin Reed and other retailers are flying off the shelf.
The signs are that demand for this attire will continue to grow rather than fall away.
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