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It would be great if perceived social class and wealth didn’t matter to people—but again, they undeniably do. That’s why trends in attire for high-earning professionals are more salient to this discussion than that of doormen or government workers. It has everything to do with the direction of influence and nothing to do with anyone being better than anyone else.
I don't think that's true. I don't think fashion flows anymore from high-earning professionals. Instead it comes from people who have cultural capital -- musicians, movie stars, etc. Those people may be high-earners, but they're not the professional class you're talking about. In fact, things die precisely when high-earning service professionals pick it up.
Look at two trends: slim fit clothing and gingham shirts. The move against slim-fit clothing comes partly because high-earning professionals started wearing it (yuppies, finance bros, tech bros, and disruptor types). It's the same for gingham shirts, which is now just a stylistic shorthand for a kind of yuppie.
The reason why the suit died has to do with how people want to seem increasingly more relatable and down to earth, and so formal clothing in every generation gets passed over for something more casual.