The 88th annual Academy Awards are right around the corner, and celebrities are in the final stages of prepping and primping for one of the most famous floor treatments in the country: the red carpet. Many consumers will tune in just for the pre-Oscar arrivals to watch the other half parade around in the priciest apparel on the planet.
Regardless of who wears Dior or Chanel better on Sunday evening, the costs associated with dressing up for the most glamorous night of the year can be astounding. Take Cate Blanchett’s $18 million ensemble in 2014: her dress alone cost $100,000, while the delicate jewelry adorning her ears, wrists and fingers made up the rest.
According to Time Money, Oscar attire runs between $5,000 and $15,000, with jewelry adding up to $750,000.
While formal attire costs for the rest of us aren’t nearly as gargantuan, they can feel similarly out of reach. The average price of a gown for prom is between $100 and $400, according to PromGirl.com, while data from Mint.com suggests bridesmaids can expect to shell out at least $150 for their gown, not including alterations.
On the other side of the aisle (or the dance floor), the average cost of a groom’s tuxedo rental ranges from $150 to $242, according to WeddingStats.org.
How best to contain these costs without sacrificing style? Here are several options to consider before your own red carpet event.
Shop previously-owned. Joyce Scardina Becker, president of Events of Distinction in San Francisco, suggests consignment stores as affordable sources of formal attire. “Many celebrities, socialites and brides sell their once-worn gowns to thrift shops and consignment stores,” she says.
Becker also recommends online consignment shops like TheRealReal, which specializes in gently-used designer apparel and accessories.
The high cost of formal attire has inspired the creation of online marketplaces that connect buyers and sellers with wedding gowns, bridesmaid dresses and other black-tie apparel. BridesmaidTrade.com features thousands of dress styles, some of which are originally sold by popular bridal companies so shoppers can search for specific styles and colors.
For example, a grey strapless lace dress currently selling for $169.95 at David’s Bridal can be found on BridesmaidTrade for $90. Tradesy.com is an online consignment site which includes a large inventory of wedding and formal attire, and like BridesmaidTrade, makes it easy to search for apparel by brand. A cocktail-style J.Crew lace dress in “acropolis blue” is available for $125, compared to the retail price of $228.
While these sites offer significant savings, there are some tradeoffs. Return policies are up to the seller, so buyers may not have the option to get a refund if the item doesn’t fit or meet style expectations. Plus, some garments may be custom tailored to the original owner’s size, which may make it difficult to gauge proper fit.
Rent designer. Renting formalwear is nothing new, as groomsmen and prom-goers alike can attest. Becker recommends Men’s Wearhouse, a popular suit and tuxedo retailer which also rents tuxedos and formalwear. “You can rent a tux or suit starting at $59,” she says.
For shoppers who prefer the convenience of online shopping, Xedo.com offers free home try-ons of tuxedos and free size replacements, and also covers the cost of return shipping after the event. “Our goal was to make exceptional black-tie style accessible and affordable to everyone,” says Peter Abruzzo, CEO of Xedo North America. Shoppers can rent a jacket and pants for as little as $95, he says.
Designer gowns can also be rented for a fraction of retail cost, making it possible to wear similar styles as those seen on the red carpet. Rent the Runway is a well-known purveyor of formal designer dresses from such big-names as Vera Wang and Christian Siriano, all of which can be borrowed for $100 or less in many cases.
For example, a show-stopping Badgley Mischka sequined gown can be rented for $70, compared to a retail-selling price of $620. Prices vary depending on duration of rental (four or eight days), and Rent the Runway covers the costs of laundering and return shipping.
Stalk sales. Depending on the timeline, shopping sale racks after prom or wedding seasons can yield big savings. “Check out sample sales as well as end-of-season sales to get clearance items, especially at lower-priced stores like Marshall’s or T.J. Maxx,” advises Vida Ghaffari, an actress and red carpet correspondent.
For the truly cash-strapped, Ghaffari recommends thrift shops: “Even some big celebs love vintage, so why not give it a try?”
Kelly Fisher of personal finance blog Brainy Chick Finance suggests shopping on retailers’ “deal days” for the best bargains. “Retailers want you to shop on the featured deal days, so schedule your shopping trip around them,” she says. “For example, Macy’s One Day sales can save you an average of 20 percent just by shopping on that one day.”
Keep it simple. Regardless of where formal attire is purchased, experts agree simplicity is key to staying in budget. David Bakke, money-saving expert for the personal finance site Money Crashers, suggests consumers stick to the basics. “You’ll probably need an outfit or two for more than just one event,” he advises. “Keep your attire conservative and classic, so you can use it for more than one event.”
Fisher agrees, “Sometimes the classics are the ones that save you the most money.”
It turns out you don’t need a red carpet or an oversized bank account to feel like a celebrity at your next formal event; a simple style and savvy saving skills will have you looking Oscar-worthy in no time.
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Red Carpet Ready: How to Save on Formal Attire originally appeared on usnews.com
