IIRC his suit didn't effect his ability..
That being said , perception is important..... The kid is right though... I can try to find some fashion studies done regarding this very issue...
MOST people can not tell the difference between a NICE $200 dollar, "tailored" suit and a $1000 Armani.
I think teh point teh kid was trying to convey is thatfrivolous spending isn't important to him.... Nor should it be to you.
If it accomplished a purpose and the cost is offset by something else , making it more VALUABLE to spend that kind of money and wear such clothing, then it is foolish not too... If it is not, then it is foolish to do it.