A derogatory comment on an older person's form of dress or style
I grew up with this phrase, my parents used it frequently, usually to describe women dressing inappropriately younger than their years. Even as a child I found it an uncomfortable thing to hear. AFter all, my mother and maternal grandmother liked to dress nicely, always had their hair done well (and my mother kept her hair colour artificially until she was probably into her late 50s.
That said, I've also on occasion heard it used in a more general way, to describe something presented in a more upmarket way (think many marketing campaigns, think any Starbucks "coffee drink"), a thing seemingly greater or better than its component parts. Showy or fake, ersatz.
Given the original and derogatory meaning, even with my more positive and more politically-correct and woke self engaged, the phrase does come to mind from time to time. The pairs of highly-stressed yoga pants or pencil skirts I've seen on older, often obese women, the muscle shirts on men who've never lifted anything heavier than a 16-ounce beer for years…all these things can cause unreasonable adverse judgement and outrage. Why this should happen is still a mystery. After all, cannot an older peacock still display, so do the younger peacocks mock them? I think not. Our societal constructs want the more mature of us to slink under a rock, never to be seen or heard from again. Are we such an embarrassment to younger generations? We should dress all old-fashioned, maybe? Are we causing them to suffer fremdscham? Ye gods, i hope not otherwise my fancy cowboy shirt or that one trendy tanktop I traded with a young barista will have to be retired.
Evilrooster says "This saying is dying out as distinctions between the generations blur". One can only hope that everyone is permitted to express themselves in their dress and grooming without judgement.