I don't have much faith in the whole "color affecting mood" mumbo jumbo. Tests have been done where prisons were painted in "soothing" colors. The colors had zero impact on inmate behavior. To me that says the whole thing is just some decorator's scheme to trick me into buying paint. There are individual preferences (I like yellow/orange), but to attempt to apply these on some broad psychological level is complete bunk. I have found zero real evidence to support it and plenty against it.
Back on the real topic, the key is to look professional. If a guy shows up in a pink or purple suit, I'm going to have serious doubts about his ability to fit in with the team. Ladies, don't look like you're getting ready to hit the clubs when you leave. Guys, don't look like you slept in your suit. Get a haircut or at least comb it. Don't come off as a slob.
Honestly though, in all the hundreds of interviews I've done over the years, I can't think of one instance where what the applicant wore impacted my decision at all. Not even a little bit. If your company has someone that is selecting candidates based on what they wear to the interview rather than their skills and what they can bring to the team, then I'd say you need to get someone else to do the interviews.
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