I'm in the $50K-$100K bucket, with no kids, and I would never dream of spending $3K on a suit. And I'm on SF, so imagine most of the population out there that isn't on here...no chance they are spending anywhere near that amount if they're in the same bucket as me. However, I will spend $600 on cordovan shoes, so I guess it's all relative and depends where your priorities are. I wear shoes (every day, duh) a lot more than I wear suits (maybe once or twice a month), so I'm willing to spend a larger % of my income on purchases that really matter to me.
This. I'm in the 50-100K income bracket myself, and $500 is more or less my hard max for a suit purchase (that doesn't count tailoring expenses into the actual cost, which can quickly add up), and this is coming from someone who values good clothes and is not one inclined to expensive habits. I think spending in excess of 1% of your yearly salary on a suit could be trouble from a financial perspective, especially if you need more than a few.