I do, and I think it's better to keep up because some of the people I see wearing outdated clothes just don't look right. Good for them if they don't care, of course, but it's just my opinion and I don't think it matters at all anyway since we are all just strangers to each other and I need not concern myself with what they are wearing. Personally, though, I think it's good to keep up with fashion and navigating through it by searching for bargains and fixes is actually part of the fun. As long as people don't go overboard and buy expensive items just to keep up appearances then I think it's a fun game.
I actually think that it is sort of impossible to miss the changing trends in fashion. When you lie in this world, you are forced to interact with other people, and they will usually alert you to the changing trends in the way that they dress. Even if you don't leave the house much, then TV will inform you about the changing trends, through adverts and so on.