Conservatism filters clothing from status signals, making other signals relatively stronger.

Designer suits, Savile Row suits, and bespoke brogues are among the most expensive garments men can buy. Surely there is status signalling involved in conservative fashions. Granted, the logos are typically less conspicuous in formal, semi-formal, and business attire, but doesn't that just signal refinement?

Designer jeans and expensive basketball shoes were largely unheard of until the late 1970s. The peacock signaling that you associate with clubwear may just be an artifact of the fact that human leks now take place in nightclubs more often than in Débutante balls.

There is also the trend wherein yesteryear's formalwear becomes the clothing of today's servants (think tailcoats and livery) while yesteryear's sporting garments appreciate in status. For example, the sportcoat was originally a hunting jacket. The blazer, too, was associated with sport. Brogues (AKA wingtips) were once outdoor shoes.