According to www.holidayinsights.com the origins of this day date back to my era:
"The roots of this day go back to the hit 1970's television comedy show "Three's Company". Larry Dallas (played by Richard Kline), one of the characters on the show, declared a Wear Something Gaudy Day."
If you are looking for a gift for the day, I found this site. I am not sure I really endorse it. Use your own judgement.