Not my area, of course, but as defined by "what I see the 20somethingish wimmenfolk wearing," I'd say it's generally much less based around "do everything to hide flaws (real or imagined)" that mostly prevailed when I was younger.
Not saying fashion is all about young people or women, just that what's new/changed is a bit more obvious with younger people. And dudely fashion hardly budges, at least since we all threw out our Kajagoogoo clothing lines.
...the one dudely thing I've noticed is that The Kids Today think pleated pants for men are the equivalent of running around with a giant green wig and a bozo nose.