5 Seconds of Summer - Telephone Busy (Official Video)

In a way, yes. And in a way, no.

Yes, as I've said, keeping one's clothes roughly up to date in silhouette and composition at least was considered part of Respectability. But I'm not sure I'd call it quite the same as Keeping Up With The Joneses- outdated furniture, for example, was not quite as looked down upon if it was in good repair and well cared-for. And certainly plenty of people (aristocrats, even) lived in old houses for the time. Plus, clothing that was TOO modish could often get a middle-class person looked down upon almost as much as being too outdated.

They also reused things a lot more, at least in terms of clothing- cutting garments down or taking them apart to recycle the fabric, etc.

So yes, there was conspicuous consumption- one could not look at the 1% of the Gilded Age and think otherwise -but it was perhaps not as simple as one might often think.

In material terms—ill-paid laborers in the mills, including children, worked day and night to spin out the yardage; sewing machines were introduced to automate the stitching—this meant the piling on of ruffles, ribbons, flounces, piping, fringes, tassels, lace, beads and bows, and numerous starched petticoats to bedeck and adorn a sedate and artificially molded figure. Perhaps one season a crinoline cage might replace the petticoats, or perhaps a hobble skirt might replace the hoop, to be replaced in turn by a bustle or train. Whatever the innovation, the latest feminine mode was usually expressed through the fashion language of a period revival.