I don't believe clothing matters to God since he didn't create us with any but it does seem to matter to us. He did give us the fig leaf but we aren't born with one! We sure spend a lot of time and a lot of money time looking for and acquiring just the right fig leaves! We do need clothing and it's good that we wear it for obvious reasons.
But, I often think we worry too much about the appearance of our clothing and make a lot of judgments with respect to it. Clothing in our country seems to be more about advertisement than utility. Some time spent in less affluent lands will convince you of that! In many places the clothing is designed for the weather, the work, and what a person actually needs and can cheaply afford. However, I don't believe that means we shouldn't care at all how we dress. I believe it's a question of venue more than the specific clothing worn.
For example, when in Viet Nam during the war, we had field services from time to time while we were wearing our regular uniforms and carrying usual our weapons and equipment. The clothing didn't matter. We all looked about the same! I'm certain God heard the prayers given and I know they were serious. However, if I arrived at church here wearing and carrying the same things it would matter because it would attract a whole lot of attention! We can all come up with other examples of clothing acceptable in one place but not another.
Personally, I don't like suits and ties and I've just about stopped wearing them altogether. I think they're an archaic carry over from times past. I noted that a suit and tie have little to do with the value of what a man thinks or says. That goes for preachers, politicians, salesmen, etc. who, by the way, seen to often have some common traits. In fact, I've met plenty of people in suits and ties that I don't like very much compared to others who may not even own such clothes. I don't fault a man for wearing or not wearing a suit and tie to church. If the norm for that church permits is to wear them and the man can afford it then he probably should wear his. That doesn't mean "anything" is okay and a Hawaiian style shirt in a typical stateside church house just doesn't fit right for me.
We should dress in a way that does not call particular attention to one another so that we don't have that distraction, among the many others, to contend with as we seek to worship and learn. We should dress according to the norm for the venue in which we're present. We shouldn't be concerned about trying to impress one another with our appearance or status. We shouldn't be making fashion or political statements by the manner of our dress. We shouldn't "dress up" or "dress down" that way no one will feel out of place among other Christians and won't be distracted by giving attention to man rather than the word of God.