I think it has about the same effect. Why? I think because most people look up to entertainers and want to be like them in many ways. The fame, fortune, etc... Since many of us lead our lives pretty basic, we look at them as trendsetters when it comes to fashion. It's rare that you look at you co-worker and look to them as a trendsetter. You figure people in entertainment have the money to buy what's "hot" and whats "in style".
If you look at most of the younger generation which could include ages ranging from 10 to 21 or so, they tend to wear the fashions of the entertainers they follow. Whether it be fashionable purses, pink hair, or skinny jeans-if the entertainers wear it, the fans tend to follow the trend.
Even back in my days of 90's hip hop, I wore my hair, earrings, and clothes in a style similar to that of M.C. Lyte's. She was what I thought a trendsetter for many young women at that time. The years may have changed but the effect that hip hop has on fashion has remained the same.