Leisure suit
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A leisure suit is a fashion of the 1970s, consisting of a shirtlike jacket and matching pants [1]. Frequently the fabric used was double knit polyester, though not all fashions using this fabric are automatically leisure wear. In fact, the fashion has some precedent in styles of the 70s and earlier, but only became popular when -- with the creation and popularization of synthetic materials -- unprecedented cheapness met with a culture that had come to hate formality. The leisure suit gained popularity with its promise to bring a stylish suit that could be used in formal business, but was comfortable and trendy enough for every day wear.
One Macy's television commercial proclaimed in 1975 "Can an executive wear at work what he wears at play? Can a lawyer meet with a client dressed like a client? Can a white collar worker work with his collar open?" The commercial went on to answer its own question proclaiming "Yes - thanks to the leisure suit revolution!" The leisure suit height of popularity was in 1978, and it fell from fashion shortly thereafter.
For other trends that have fallen into near total disuse (or close), see: Zoot Suit, White Tie.