Throughout the movie, we see Jareth go through at least eight costume changes. This is quite a lot of outfits for thirteen hours, and considering he actually turned the clock ahead five hours, that's a costume an hour. So why does Jareth feel the need to constantly change his looks?
One also notices that Jareth's hair is perfect at all times. The costume changes and constantly perfect hair lead one to realize that the Goblin King has a vanity streak a mile wide. But is that all it is, simple vanity? Or is there a deeper, more psychological reason?
Naturally, as the ruling monarch, Jareth has a certain level of vanity to live up to. He's expected to look his best at all times, and there is no doubt that he was groomed into this way of thinking. But that doesn't explain a new outfit every hour.
There are several psychological reasons for Jareth to constantly make so many costume changes. Was he teased about not being well dressed as a child? Could one or both of his parents have been the one to be so cruel to him about his looks that it's driven him to this? Without a secure, psychological evaluation of Jareth and, better yet, an interview with the Fae himself, we may never truly know.