It depends on the sim: some get up to five formal wear options, but usually I give at least two options for my sims. I like to have parties, special occasions and celebrations for my sims where my sims need formal wear. I also have few restaurants that require formal dress code.
For the weddings, I like to choose special wedding outfits for the couple who is getting married and I also like to plan their close family members', relatives' and friends' outfits for the wedding (that means that I might need to go to edit those specific households to change their formal wear option to have only one option and that to be the outfit that I want them to be wearing when they attend to the wedding).
(I'm a rotational player and I love to play different families and friends who's lives are connected: they are family members, relatives and friends).
I like my sims to have multiple outfits in different categories all in all and for different occasions & situations, and I like to also change the outfit options regularly or when I feel like it :smile: