All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
The Muslim man's clothes should cover his 'Awrah (parts of the body which must be covered in Islam); his clothes should not shape the ('Awrah), or be vulgar, or fashion clothes, or clothes peculiar to the people of other religions.
In addition to this, the clothing should be nice and acceptable, as Allaah is Jameel (implies beauty) and likes beautiful things. But a Muslim should not be extravagant to the extent that he/she spends all that he/she possesses on clothes and complementary things. Islam commands moderation in everything:
Allaah says (interpretation of meaning): {And those, who, when they spend, are neither extravagant nor niggardly, but hold a medium (way) between those (extremes).}[25:67].
Being extravagant or niggardly is defined according to customs and to the circumstances of the person who spends. The expenditures of a person could be described as being moderate for him/her, but could be extravagance and waste in relation to another person.
Allaah says (interpretation of meaning): {Let the rich man spend according to his means, and the man whose resources are restricted, let him spend according to what Allaah has given him. Allaah puts no burden on any person beyond what He has given him…..}[65:7].
Anyway, there is no harm Islamicly for a Muslim to wear expensive clothes, eat good food, have luxurious means of transportation, and a spacious house, if this is done without being extravagant.
When Allaah blesses His slave with His bounties, He likes to see the effects of His bounties on him/her. The Prophet said: "Eat, drink and give charity without being extravagant, as Allaah likes to see the effects of His bounty on His slave." [Al-Bukhari]
However, if a person has only what he needs for himself or his family, then he spends it on complementary things and becomes in need of help, or asks provision from other people to obtain the minimum necessary to support his life, then Islam does not approve of this nor is it wise to do so.
Allaah knows best.