Clothing was much more expensive until the early-to-mid twentieth century; circa 1900 a pair of men's trousers would cost 8-10 times as much as a proportion of per-capita income than they did in 2000. Consequently, old/damaged clothing was cleaned and repaired, fashion fads changed much more slowly, and wearing new/formal/tailored garments was as much an ostentatious display of wealth as driving a Porsche or a BMW might be today.
(Cheaper fabric and increased automation in clothing factories -- the deployment of sewing machines and then sergers is where the change really got going -- drove down prices; the £2 mass-produced suit in the UK in the 1920s meant that any working man could afford a new suit, so the suit became a working garment and the display of wealth moved on to new fields. And that's why we have ultra-cheap, badly-made clothing, fast-changing fashion, and a casual attitude to what we wear.)
(( A good suit is something special. But you can keep the neckties ... ))