I personally spend more money on things I wear more. I don't agree with the "will last a lifetime" statement as fashion changes. Even a good suit will go through stages of being fashionable or not. I used to buy double breasted suits with turned up trousers. They were all good quality, but I still got rid of them when everybody was wearing slim fitting single breasted suits.
I don't see the point of buying a £1000 suit if I don't wear suits that often. It'll be out of date before I get any real use out of it.
On the flip side of that I won't waste money on something that won't last long. Work shirts for me are a good example. It doesn't matter if I spend £10 or £100; they will still end up faded under the arms from deodorant marks within the same time frame.
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