I think there's a lot of hidden inflation in this. Or, if not outright inflation, something similar to it.

Look at what it costs to get a work shirt (I mean, for physical labor, "blue collar", heavy chambray or something along those lines) of comparable quality & materials to what was in a Sears catalog in the 1930s or ordered by the US military in the 1940s, which in neither case could be regarded as super-fancy. You're probably looking at minimum $150.

You want a button-up shirt that isn't total shit? Over $100. On clearance.

You "can" dress in cheaper alternatives, but those are so bad that their equivalent in the 1930s effectively didn't exist as a new product. You'd be looking at second- or third-hand good (by modern standards, not necessarily anything remarkable for the time, see again those work shirts) clothes, or some simply-constructed homemade garment.

On the plus(?) side we now have clothes so cheap that even though they develop holes or split seams within months, they're not worth repairing even for fairly-poor people, which is... something.

Dressing yourself in new clothes is a lot cheaper now. Dressing yourself in the same quality of new clothes? Maybe not.

[EDIT: This goes for plenty of stuff that's not clothes, and with more-recent products to compare them to. I've learned though my wife buying toys for our kids that modern standard-tier Barbies are trash compared to the ones from the '80s, fewer points of articulation, far worse cloth for the clothes, weaker construction, and fewer pieces of clothing or other accessories included. You have to buy from "fancier" Barbie product lines that are way more expensive, or buy non-Barbie dolls that cost a lot more than a modern entry-level Barbie, to get something that's actually similar to a standard Barbie doll in the '80s. So if you look at just "what did a Barbie cost 40 years ago versus today?" you'll get a misleading idea of how those costs have changed, because the actual comp to a modern standard-tier Barbie is some terrible, cheap Barbie knock-off from the Dollar Tree or wherever, in 1986; the cost to get the same-quality product, regardless of brand, has increased a lot more than whatever the cost difference is between a basic 1986 Barbie and a basic 2026 Barbie]

Your favorite brands got worse on purpose