This is in line with the "spend money on experiences not stuff" trend we're watching rise in popularity, particularly in the younger generation. People aren't flocking as quickly to flaunt their status via possessions, particularly in clothing. The right $20 shirt can look great and last you forever.
I found a $8 t-shirt and $20 pair of pants that I like. I have a handful of them. They last a while and a topic-specific t-shirt drifts in here and there. I replace socks/underwear every couple years. I already have a suit from past experiences in case I need one. I replace my daily shoes ~annually. I wear the same thing to work and at home. (Disclaimer: I'm a software guy with no interest in fashion.)
Per the stereotype: I'm pretty sure I spend more on streaming services per year than clothes. (Even if you don't count a slice of Prime for the video streaming).