It is an interesting point but somewhat well known. It explains the proliferation of designer bags in China and in Japan. It is one indicator of social proof.

Though to be honest I do believe a well designed suit stands out significantly. It is very easy to tell a 5000USD suit from a 100USD suit.

Used to be that those who could would wear clothes with their own monograms.

Nowadays it seems the cattle is willing to pay for the "privilege" of being branded with someone else's iron.

O tempora, o mores, etc.