It's not about what you spend it's about the respect. My dear grandmother use to say "How would you dress if you were going to meet the Queen ( or a president)? Shouldn't we have more respect for the house of God"?
Does the New Testament teach us to think this way?
The Old Testament had a uniform for the priest and Hebrews could not wear mixed fabrics. I know of no specific temple uniform for nonpriests.
This is what I can find in the New Testament about dressing for church.
James 2
1 My brethren, do not hold the faith of our Lord Jesus Christ, the Lord of glory, with partiality. 2 For if there should come into your assembly a man with gold rings, in fine apparel, and there should also come in a poor man in filthy clothes, 3 and you pay attention to the one wearing the fine clothes and say to him, “You sit here in a good place,” and say to the poor man, “You stand there,” or, “Sit here at my footstool,” 4 have you not shown partiality among yourselves, and become judges with evil thoughts?
5 Listen, my beloved brethren: Has God not chosen the poor of this world to be rich in faith and heirs of the kingdom which He promised to those who love Him? 6 But you have dishonored the poor man. Do not the rich oppress you and drag you into the courts? 7 Do they not blaspheme that noble name by which you are called?
I do some online ministry with some Indian preachers. I notice they wear a long-sleeved shirt with no jacket. I dress like them, rather than out dress them. I made the mistake of wearing dress shoes, slacks, and a nice shirt for an event which would be followed by distributing food to the homeless, so I was wearing that while trying to relate to the homeless. Later, when dealing with the homeless, I but on jeans or chinos and a plaid shirt and casual shoes. If I were to go to a church service for the homeless, I am not dressing up.
I see dress and class distinction as an issue taught in scripture--- not dressing up for the King. If I want to honor God with my clothing, shouldn't I do this based on what the Bible teaches rather than from other ideas I have heard.