If you go back 30–40 years time, getting new clothes was a luxury and wearing new clothes on festivals, marriages were an opportunity and a valid reason for buying and validating the expense. Secondly wearing new clothes on festivals are connected with our cultural and religious values. We were used to calling them pure and new clothes some specific attire for offering prayers were also used. And it has and had great relevance with the status.
But nowadays things are changed, and people buy new clothes every day without waiting for a specific reason or event. In today’s time wearing new clothes on festivals is important only to meet and greet friends and relatives and show off.