Not quite, fashion is far more expensive comparatively on NA, and is definitely peoples' main focus over equipment.
On JP, none of the gear that people want is buyable, plus the 13-14★ items are common now due to 15★ being the hot stuff. With items going for multiple millions on the Japanese servers, this is because of inflation over the years. It's pretty easy to get a billion or two on the Japanese servers as everything coveted is expensive.
On NA however, all the BiS stuff is buyable, meaning that people want it and will buy it, because they can. Fashion also inflates EXTREMELY fucking fast on NA, far faster than it ever did on JP; stuff that's 2-3 months old is near 100 million or more on NA, which is absolutely crazy.
Furthermore, there was an interview with YSOK recently that said they've been tracking people on NA vs JP, and NA generally participate in more "casual" activities, such as lobby chatting and fashion, at a higher rate than JP players, who tend to value augments and gear hunting more so than the NA players.