saying, 'WOE, WOE, THE GREAT CITY,
The GREAT CITY, Babylon (implied), is not being mourned because of its disappearance. But rather it is being mourned because the merchants realize that the global economy that had been so good to them financially was gone. The merchants (all of us are participants in some way or another) see their standard of living reduced to survival, and their lifestyles will become very barbaric. Since all of us are participants, the GREAT CITY really is inclusive of all cities of the world like Matthew 6:19-21 explains.
she who was CLOTHED in fine linen and purple and scarlet, and adorned with gold and precious stones and pearls;
This description parallels that given for the harlot who is riding the scarlet beast in Revelation 17:3-4-6. However, it is only a subset of the full list of merchandise that made the merchants wealthy (Revelation 18:11-13).
While the actual physical merchandise will be affected, there is a deeper personal spiritual matter presented here. The word "CLOTHED", as opposed to naked - Revelation 3:18, is the catalyst word. There are many types of clothing in the scriptures including the fine linen listed here to sackcloth (e.g. 2 Samuel 3:31-39). Let's focus on three types of clothing found in the Revelation of Jesus Christ.
WHITE ROBES are associated with the redeemed (and the redeemer, implied). See Revelation 1:13, Revelation 3:4, Revelation 3:18, Revelation 4:4, Revelation 6:11, and Revelation 7:13 to list a few verses. Christ's robe, while not specifically shown as white, is shown as dipped in the blood of Calvary (Revelation 19:13).
"Fine linen, bright and clean" are the garments worn by the bride to the marriage supper of the Lamb (Revelation 19:8) and are equated to the "righteous acts of the saints". These also are the garments worn by the 7 presence angels (Revelation 15:6). They had to be pure (righteous) to be able to pour out the seven bowls of God's wrath upon the earth.
Plain "fine linen" denotes apparent righteousness. It embodies the common use of the term "Christian" as it is used today. In truth, "fine linen" is probably more like the clean cup in Matthew 23:25-28 and practitioners of lawlessness in Matthew 7:21-23. The merchants, thus, represent these hypocritical "Christians".
On a personal level, each of us must examine what kind of CLOTHES we are wearing. They must be "bright and clean" at a minimum. Worst of all, don't be caught NAKED ---- accept Jesus Christ right now as your Lord and Savior to get your white robe made of fine linen.