I like fashion, but not in the sense that I need to own particular brands. In other words, I buy what looks and feels good, but not necessarily based on what is on the label. There is something to be said, however, for buying quality clothing that will last you awhile. I work in a professional environment and I cannot wear jeans and a t-shirt to work. I either wear a suit to work (if I'm meeting with the client) or business attire. I have to look put together.
Of course, you can look put together on a budget, but there is a difference between a skirt from the Gap and the same style skirt from a higher-end designer. It's not just the label--the quality of materials used is often a big difference. Higher-end materials fit better most of the time, last longer, and look better. While I can buy a pair of cheaper jeans and they'll last me for years, the same cannot be said for other types of clothing (like suits or dress shoes). The "cheap" version can mean you're replacing it after a year of use.
The key for me is buying a few higher-end pieces that are classic and won't go out of style. Then I accessorize that key piece with cheaper items. For example, skirts and pants are difficult to buy for my body type, and cheap skirts and pants tend to be ill-fitting and made of thin material that show every flaw (except jeans). I'll buy a higher-end skirt or pant and then pair that with a cheaper blouse (because it's easy for me to find tops that fit, and there's less of a quality gap between higher- and lower-end tops than there is with bottoms). Cheap shoes tend to be uncomfortable, but you don't need to spend a ton to get to "comfortable" shoes--mid-level shoes are fine (Easy Spirit is great for comfortable dress shoes).
I wish I could wear jeans and a t-shirt every day (and I will when I retire).