I think it has been on the wane for some years, but particularly since the economic downturn. It is probably still a big presence in the arts - especially music, but also film and visual arts, but decreasing in influence in the philosophical/social scientific realms - and not before time!
I don't think that anyone can make the argument that post modernism and all of that stuff really is popular any more. When was the last time you saw any kind of art or what not that was based on this form of art style or what have you? It is dead.
Postmodernism was a response to the Modernism movement, but when the influences of Modernism had faded, we moved into the era of Postmodernism. Well, I think we have moved past the focus of Postmodernism, and moved into another era. We just need someone to come up with a name for the new era.
I think after indulging in it for several decades, there has been a shift away from the post-modern attitude. We've now seen an increase in society trying to embrace traditional values and beliefs. The cynicism of the 90s and early 00s has been replaced with a generation that is so disconnected from each other, that it revels in unabashed ethos, without shame.
The ages that we live in today are the ages of the masses and we are far from ending this post modern world things can continue on and that is exactly what they will do in the future for us. This world is one that has many things that could come.
In that postmodernism is essentially historical, it can never expire. Although obviously history cannot be stopped. Nonetheless, postmodernism is alive and well, still flourishing. The current interest in design as well as the concept of visual culture as exemplified in the popularity of movies and the huge volume of photographs individuals send to one another on social media testify to the per-durance and the morphing of postmodernism.
I don't think that anyone will argue, at least no successfully, that post modernism is alive and well in this country. I think that it is far from dead though. There are more than a few signs and traces showing that it still exists, that's what I am of the opinion of.
One of the most basic components of postmodernism is self-awareness, recognizing one's place simultaneously as he is living through it. In entertainment, that is still very prevalent. However, postmodernism is also associated with being very cynical, and recently there is a move towards being more heartfelt and genuine. Looking at the recent films of Judd Apatow, the characters are very referential of pop culture, and yet they do have genuine moments of emotion. It is still postmodern, but there's a slight move towards being romantic again.