A really interesting question and responses! To start with the main question, i.e., "If you're on a limited budget, what's a 'minimum' shopping list that would satisfy the desire to shop and have new things?"...Since I have a pretty full closet, I would get any needed shopping fix from replacing items and then getting a few items to refresh the wardrobe. These last few months, after a closet purge, this mostly meant getting pants in a more modern shape to replace some that had worn/stretched out, some very basic layering tops to go under jackets (to go along with a style shift), and updated shoes. This list of wardrobe refreshers would differ for everyone, of course.
The funny thing is that, like Sterling and Laura, I think it's sometimes easier to go on a shopping "fast." After some extensive wardrobe updating a couple of years ago, I think I barely bought any clothes for a good year or more, perhaps excepting only undergarments, socks and a few accessories. Sometimes it seems that the act of browsing makes me want to buy more, whereas "out of sight, out of mind" really works; by replacing the mental space that clothes formerly consumed with other hobbies, I barely miss acquiring new clothes at all. (Admittedly this generally takes place after a shopping "binge," which makes the "fast" easier. I think I need to learn how not to get into binge/purge-fast cycles with my interests.)
I'll also note that I think *not* getting a pricey but much-desired item causes me to shop more. I'd been coveting two expensive-for-me jackets this spring, but instead of buying them, I got some cheap ones that didn't quite work from eBay plus various on-sale substitutes in a mini-binge. Finally I caved and got the two jackets I really wanted, and wouldn't you believe it, I suddenly no longer wanted or needed the other ones (fortunately most were returnable or consignable). And in fact, after these purchases, I think I'm set to do another shopping "fast" through the end of the summer, possibly longer.