My personal opinion, is that there could be some form of dress style like that, but in practicality it would only be worn by those who are rich enough to not need to work. The way I personally understood it, and the movie seems to agree, is that the majority of people wear "common" patched up hand-me-down sort of things/ function over form, and only those with money (like Valantine in the trailer) can afford proper clothes. Hope this answers your question.