Old people dressed like this when they were young and still dress the same years later.
Example:
Younger people (i.e. people in their 20s and 30s) dress like that too sometimes, and may even wear clothes like that on a daily basis. The fit of the pants, and the length of the vest may not be very "today" (i.e. "skinny jeans/pants", unfortunately....), but the clothes themselves haven't changed much.
Same goes for the lady. Perhaps a younger person would wear a dress with a different print, but put a dress and jacket like that on a younger woman, and you wouldn't think anything of it.
They just don't look cool on those people because they're really old and normal, and their bodies aren't in the same shape they were in when they were 23 years old. If they were younger, and you changed the cut and fit of the clothes a bit to fit in with the style of today, not much has changed.
Having said that, the "fit" of clothes changes all the time. It wasn't that many years ago when every guy wore baggy clothes.
Are we going to dress like we do now when we are in our 60's +?
Example:
Maybe, but I doubt the t-shirts are going to look the same. Also, I don't dress like that all the time, and I'm 29. I'll probably own t-shirts and jeans, and own vests and pants. I wear both casually and regularly. I guess I'll look like those old people, but perhaps more Chinese.