Can't speak with any authority on the car industry but there is definitely strong evidence to suggest that people ( well, to be clear, those who choose to try to remain within what might be loosely described as established society ) are far less inclined to take risks with their personal appearance in times of economic difficulty.
For example, if the workplace you inhabit has a formal dress convention and you turn up casually attired, you're going to feel more confident of breaking from the norm if you're making a lot of money for your employer than if you're not.
Generally speaking though, people like, and indeed are comforted by "mirroring" their group. It's a sort of pack mentality thing. Perfectly natural. It's a statement of "club" or "tribe" membership which reassures the individual and the group.
It's fundamental to the continued success of brands too. Peer presure is a strong influence on many, like it or not.
Some people are fortunate enough to feel confident from an early age to present themselves purely as they personally see fit, but for many it takes advancing years and indeed a certain security in their own identity and worth before that becomes a comfortable place. Even then, those who stray too far from the conventions of a group will be mistrusted by it as valid members of it.
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