Agree with all of the comments above.
There's a bit of a paradox really where some clothes are far too cheap and some are far too expensive.
Putting aside the lack of parallel between item and price, cheap clothes don't last and with all the environmental pressure, the thriving 'preloved' market and the wfh phenomenon, even the fact people go out to socialise less, there's just less appetite.
Everything has just got totally out of whack. Retailers think they can just continue to sell us any old tat, badly made, poor fabrics as that seems to have worked in the past. But it doesn't when people don't have as much money, or as much reason. This applies to places like Next and Matalan where the quality has absolutely dive bombed, as well as it does to Shein.
If should be the case that you could save up and get something really nice and long lasting for your money, but it isn't. Spending more money doesn't guarantee you better fabrics or cuts. Many people talk about the expectation that clothing should not be dirt cheap now and how if costs really reflected how much a garment cost to make clothes would be much more expensive. I get that but where are the equivalent mid ranges like the St Michael of old?
I also agree with pp that the same fashions seem to hang around for years so that's no driver either. We see the same looks from influencers again and again. As long as you have baggier bottoms, a tighter or cropped top, long wool coat and trainers, you're pretty much sorted. Ideally in grey or beige.