From my point of view this is somewhat silly. A teacher wearing a tie would not usually give me a good impression. You know, a suit. Show me your competence, and I will respect you. Show me fancy clothes and I will think that you have a problem with self confidence and need to hide behind a uniform.
I remember a quote from Fifty Degrees Below by Kim Stanley Robinson:
Scientists signaled with their clothes just like anyone else, and their signal often proclaimed, 'I am a scientist, I do things because they Make Sense, and so I Dress Sensibly.'
Physicists are known for not knowing how to dress well. The secretary at my department in Uppsala bought a book about clothing for men, and placed it in the coffee room with the hope that the researchers at least would start looking at their clothes and not wear those with missing buttons and holes at the elbows. She also pointed out to me that about half of the people who attend conference dinners don't bother to change their clothes before, and some of them wear the same shirt for a whole conference. I don't watch peoples clothes so closely, but I have no reason to doubth what she said. But, you know, I don't really care.
Myself? Well. I wear my clothes until they fall apart, mainly because I hate shopping (and because I rather spend my money on books). They usually look nice to begin with at least, according to my taste (which is maybe slightly punk/goth/hippie, if you can imagine that). Sensible? Probably that, too. (Long underwear, good boots, layer on layer, hat, gloves, indoor shoes to change to.) Anyway, I'm happy to work in an environment where I can dress the way I want. Maybe I'll think about it a little bit more when (if) I start teaching regularly, the same way I take reasonably neutral and not too worn clothes when I'm giving a seminar or conference talk.
But in general, I think there is lots of room for individual variety within the reasonable limits for how you can dress at work. It would be fun if people used it more.