I find it interesting to sit on a plane and see what the people boarding are wearing. In the days even before my time people dressed up for such an occasion like flying in an airplane and now people basically get on in their pajamas.
I agree that if you have no other way to show status, clothes is a great way to do it, which explains why people in low-income areas wear expensive sneakers. You may not be able to afford a Lexus or a McMansion, but you can afford $300 sneakers. The fact that the more affluent will disparage that spending choice shows a lack of understanding of human nature.