I think fit does more than say you have money. You can buy a £200-£300 inexpensive suit and spend £50 at a tailor and it will look better than one two or three times the price.
The reason I choose to spend more than that on suits is exactly for the fabric and construction. Anything other than wool in its many guises is a big no-no for me. It doesn't last, it bobbles, it goes shiny and needs replacing after a year when I can get five years or more out of a good suit. So basically an £800 suit will be cheaper in the long run (you don't get a wool suit for much less than £300 - maybe a wool mix, but again I steer clear).
I was running training for people at work wearing the outfit above and I got a lovely comment from a girl there who said she could tell that it had been tailored (by that I mean bought off the peg and then tailored) and how good it looked. And that suit is mid-priced from Reiss, not ridiculously expensive. People can tell the difference, even those who don't understand the details about vents and kissing buttons and lapel widths - you can just see when a suit is cut and fitted nicely.
I remember the first time I ever had a suit tailored and so many people asked if I'd lost weight when it was just the cut of the suit making a huge difference to how I looked.
Anyway, I'm rambling as I always do when I get on to tailoring, so time for me to stop hogging this thread!

