And some may decry this as a sign of the end times or the end of our civilization. But it is merely a change in spending patterns. We no longer go to malls or shop at Sears. We've given up on J.C. Penny for the most part. You don't buy a "Stereo" at Radio Shack anymore. New products and new spending habits have taken over. And those who cannot adapt to new patterns of consumption end up on trash heap of history.
Our behaviors have changed as well. We no longer play bridge (note: hate mail from the five remaining bridge players will not be answered!) or tennis, for that matter. A lot of things that seemed permanent and institutionalized are dead and gone today, and we haven't even had a funeral for them (elaborate funerals being another tradition that has changed/evaporated over time).
People today still spend a lot of money on clothes, just different types of clothes. A kid today will spend more money on a "Abercrombie" hoodie (which is already out of style) than I did on an entire suit. Women still love to shop and will spend enormous sums of money on these high-heel boots that go all they way up to their crotches, along with a pair of "skinny jeans" and whatnot, at the "Forever 21" store. Showing off your sophisticated tastes and how much you spent hasn't gone away, it's just changed.
For men, money is no longer spent on suits, but we will spend more on our sneakers than an entire suit can cost. And in the tech world, spending $50 on a t-shirt is a sign you've "made it".