For a really tight fit set the figure up at frame 0. set final pose at say frame 30.

scale figure to 95% at frame 0 , and 100% at frame 30.

Run the simulation.

This should get you a "shrink fit".

you can also scale the clothing instead, 100% at frame 0 and say 95% at frame 30.

It takes some tinkering to get a good look.