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Originally Posted by park123
If you want to buy anything from overseas, the current exchange rates matter. PPP is basically a poor man's adjustment. Japanese used to buy about 40% of the world's luxury brand clothing. Like not that long ago, in the 90s. I knew people who would buy at retail in Beverly Hills brand shops, ship the items back to Japan, and sell in Tokyo. Every store used to have Japanese-speaking attendants. This wasn't some super long time ago. 2001.
Japanese used to utterly dominate Hawaii. But they can't afford to go there as much because the yen is so much weaker than before. They used to be the most sought-after customers on 5th Avenue in NY. Now they are an after-thought. Same thing in Asia. Japan used to more or less dominate East & Southeast Asia economically. Again, not very long ago
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That's the opposite of what we are discussing here. Nobody used to go to Tokyo in the 1990's and now the city is regarded as the coolest thing, with all the Instagram hype, bars/clubs across the world mimicking their aesthetics, art exhibits across the world, etc.
About the Japan's PPP, be it today, be it in the 1990's, Japanese will spend 99% of their time and money in Japan itself, and therefore GDP per capita PPP matters in this context. Japanese people didn't got poorer compared to the international peers over those years. The only thing that happened was the end of their real estate bubble, which is a very good thing for the average person.
Quote:
Originally Posted by Obadno
I just spent a week with a Bostonian for work and he kept referring to it as a "small city" which blew my mind.
As for Chicago i disagree I feel like Chicago has become more prominent in recent years. Millennials seem to universally love it.
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I noticed that about Chicago. The decline seemed to have stopped 4-5 years ago and the city's label is once again rising.