VIENNA — Millions of people still flock to Europe to shop and see the sights. To that end, the continent still has a lot to offer: Old storied buildings, many of the world's best museums, and flagship stores of some of the most renowned legacy brands. Indeed, to many — especially the nouveau riche and the social mountaineers — a trip to Europe is still something to crow about.

Nonetheless, Europe is undeniably in decline. The European Union, or EU, was envisioned to be a unified economy transcending national borders, without any controls on travel or tariffs. For a while, it worked, as the EU achieved some degree of success with its "one currency, one market, one political unit" arrangement. Until it became evident that the age-old divisions within Europe could not be papered over by any "union."

The United Kingdom voting to exit the EU (Brexit) was a big blow, as well as the resentment over the Greek bailout. And a populace aging and slowly being reduced in numbers, unchecked immigration, and the rapid rise of newer economies in Asia are impinging on the EU's economy.

In the 1960s, the economy of Europe accounted for around 34 percent — a full one-third — of the global economy. Now, even with the EU, it is around 17 percent (only a fifth!), roughly equal to China, which is only one nation. Germany's production, once the continent's economic superstar, has fallen to approximately 3 percent, half of India's.

This is mainly because, aside from destinations such as the Eiffel Tower and the Louvre in Paris, the Swiss Alps, Granvia in Madrid and Sagrada Familia in Barcelona, and Oktoberfest in Munich, Europe now has little else to offer. The fact that people sojourn to Europe to see old structures and museums, and to visit stores of old brand names, can only mean that its best years are long behind it. It now trades on its history and antiquity.

As the world changes, fewer and fewer people are interested in the Old World, as the new generation is seduced by all things bright, shiny and new in China, Japan, Singapore, Dubai, and even Vietnam and Malaysia.

As far as the institutional brands are concerned, the EU is also losing its grip on the market. Mercedes Benz is now known more for its notorious unreliability than its past glory as a prestige car; Japan's Lexus is giving it a drubbing both in reliability, durability and luxury features. Rolex is being beaten hands down by Grand Seiko, whose watches are better made, more accurate and more affordable.

Likewise, more and more people are beginning to realize that European brands such as Louis Vuitton, Hermes, Gucci and the like are grossly overpriced and not worth their premium, as buyers gravitate towards Asian brands such as Issey Miyake, Natori, Commes des Garcons, and even the mass market Uniqlo and Muji. And let's not even talk about technology: the Americans, Japanese, Chinese and South Koreans have that all sewn up.

It's not even that pleasant a place to visit. The facilities are old and many budget hotels are decrepit; even premium hotels suffer from some kind of — for lack of a better term — dry rot. Many of those in the hospitality industry are cold and even downright snooty, a far cry from what one gets in Asian destinations such as Tokyo and Seoul. Even the Arabs are friendlier, and that is saying a lot! As far as safety is concerned, reports of thefts and even muggings have become the stuff of tales told over bottles of beer back home. And for those counting change, sorry, no bargains are to be had here.

The vaunted union that is the EU, instead of inspiring smiles, brings tears to the eyes of its inhabitants, much like what would happen if you peeled, layer by layer, an onion bulb.