I think lifestyle creep is too general of a description.
The difference between $900 pants and $50 pants is more than lifestyle creep. I see it as indicative of a stratified society. Previous times had wealthy paying more for clothes but it showed in workmanship or materials.
In the words of Lucille Blutb:
How much could a banana cost, $10?
I see Lifestyle creep as an individual gradually spending more for meals and cloths