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Many people do not like to wear tuxs anymore, however, there are several levels of formality that a suit can have. For instance, my boyfriend does not wear a tux to formal events but instead wears a 3 piece suit (aka a suit with a vest). This is a very cheap rental (he owns his, but I've seen places that you can rent them for about $15 plus deposit) and it is a wonderful way to "formalize" a suit without going all the way to a tux.
(though, I agree tuxedo are wonderful... especially with white shirts and bowties)
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