My older brother used to be a bank auditor. That means he would fly out on a Sunday for the week to some bank in the USA. He would fly home on the next Friday. This means he had to have 4-5 suits in his garment bag for the week. 5 White shirts, ties, dress shoes, etc.
On one of those return trips American Airlines lost his bag. He never got it back. AA eventually paid him for his American Tourister garment bag and the contents. Five suits plus two pairs of Florsheim wingtips shoes. Easily over $2000 even though this occurred about 15 years ago. AA paid him $1000. That was the maximum amount they would give him.
I travel pretty extensively for work, although most of it is driving. I can get away with jeans and a nice shirt most of the time. I don’t even pack my shirts anymore, just leave them on the hanger and hang them in my pickup truck.
I do have to fly to Las Vegas next month and take a suit and tie.