Sure, for every culture on the planet the presence of shine in apparel is an instant indicator of wealth and status. We have literally sewn gold or sliver coins onto clothing to make it inescapable to the viewer how affluent we are. We have sewn our clothes with metal wrapped threads, or placed tiny discs we call sequins here, there and everywhere. We have even woven cloth entirely of gold or silver in order that others might know without question who has the most oomph in the room.
But gleam and shine carry other messages too. When we see too much of it in one place, on one person, we start to question the reality of what we are seeing, the morality of the wearer, and their taste. In addition, hard shine is the province of many metals, and so the connection to armor; and by that militarism, aggression, and physical protectiveness all come into play. The dresses done by Paco Rabanne in the 1960s, recalled the chain mail of the Medieval, and so, the women who wore such dresses were quite literally armored to face the modern world.
When we get to the modern age and things like metallic spandex, lurex and polyester lame's in a gajillion colors, the messages get sent into other places entirely. First we get space age futuristic references, and then there are profoundly sexy/kinky subtexts that get conveyed.
Next time you see someone out and about wearing something with a lot of glitz, take a moment to think about how it makes you feel, and what you think about, both for yourself, and about the wearer. Its revelatory, I assure you.