There's a nifty filter in After Effects called Change Color, with which you can select the color of a shirt in a photo, for example, adjust the threshold of the color to change, and quickly change the color of clothing, in very realistic way, in one step. I don't see a similar tool in Photoshop. Does anyone know if there is one? Thank you!
If you're looking for penultimate quality, I imagine you'd want to try to select/mask the garment in question with a high quality selection/mask, then do something like a Hue/Saturation adjustment (layer).
Russell Brown's video shows how to use selection and the Refine Edges function, which I'm sure would work with a colored shirt or whatever quite well...
Short of going all the way per the above video, the Hue/Saturation function itself allows you to affect color ranges. Sometimes this can be enough in itself. Depends on the level of realism in the detail you want to achieve.
It is in Image/adjustment/change color.
You first have to select the area you want to change.