My grandpa wouldn't even take a daily walk without wearing a proper suit. And he was just an ordinary working class person.
Later, after my graduation, I tried to apply at least some of that into my life. I tried to wear (a cheap) formal suit and the results were mixed. At my job, everybody hated it and my boss complained about it ("we're trying to be friendly and informal here, dude"), but it did pay out in other ways. Clerks were much nicer to me when I ran my errands.
You are right, something is lost these days. We tend to forget that we are eachother's environment. If I dress nicely for the cinema, your experience of it will be elevated. And if everybody tried to look their best, the whole evening would feel a lot more special for all of us.