Psychologically, women needs a lot shoes, bags as well as clothes. And I strongly agree with you that everyone need live below their means.
But I think there is some confusion between fashion, classic and fashion brand. Gucci sells T shirt. But it is not appropriate to go to formal occasion in Gucci T Shirt. Do you agree?
By the way, are you sure your boyfriend's suit for formal occasion is made of silk or cotton? Are you sure? Or it is just for party or pub?