The suit is dead except explicitly formal occasions. The global financial crisis killed it. Basically every person commuting securities fraud in the oughts did so while wearing a suit. Think about who you now see wearing suits - bankers, salesmen, and politicians. Occupations that trigger a range of responses from general mistrust to downright loathing.

Suits have become a liar's uniform. Whenever I encounter anyone in this mode of dress who isn't an obvious dandy, I'm immediately on the watch for tactics to squeeze as much money out of me as possible.

This leaves business casual and casual. As the article points out, most of those haven't seen substantial change for years. People don't get rid of clothes these days because they're out of style. Given these trends, it would amaze me if clothing sales weren't down substantially.