What we need to remember - all of the other recessions in living memory (notwithstanding - flights were a luxury - BA were charging up to £600 for a midweek return from London to Dublin - and flying was still a once a year thing for many people (myself included).
Now, flying is cheaper and safer than ground transport within the UK, and also, instra-European flights are equally affordable. Flying, thanks to Ryanair and easyJet is now part of everyday life - it is nothing special - but we can't life without it, a bit like mobile phones.
Traffic is up and up at a lot of airlines, and others are reporting small reductions in pax numbers. Yes it is Summer - but moving in to Winter, people will still have their Chrismas shopping breaks, stag weekends, random weekends away.
Yes - longer routes - like Spain - may suffer, in favour of shorter city break routes - but airlines make less on longer missions, so shorter trips work in their favour.
This time next year, things will be exactly the same as they are today. No biggy!