The 1970s were a time of recession, and the decade played host to many revivals. The 1950s were huge, 1940s boutiques flourished, platform shoes were dragged out of the 1930s and the 1960s look - flared trousers and all - stuck around and stagnated.
Here is a newspaper article from 1971 (Cambridge Evening News, England, UK) detailing the blossoming 50s revival (70s music leant heavily on the 50s - from Roy Wood and Abba to the Sex Pistols).
Later in the 70s, the 60s began to shine again (and we were only just beginning to shake off the 60s flares!) with a revival of interest in the Mods/Rockers and Ska scenes.
Being a child in the 70s has given me a lasting love of 1950s and 60s music!