I agree that the timing was right for all the LCCs, not just the two most notable in the UK/Europe, as the format has spread around the world. But not only deregulation but the widescale take up of the Internet. U2 and FR both started with call centres and dumped them as soon as they could. When EZY started, their call centre phone number was painted on the planes. Once people got used to the idea of shopping for all components parking/flights/bags/food/transfers/hotel it was the end of the main High Street travel agents. The others like AirBNB all piled in and that cut the inclusive tour off at the knees.
The customer has learnt to fine tune every aspect. Hotels and carriers will show you how you can save money by taking the 06:00 on the previous day or even just three hours later on the same day, arrive the next day. Going into that level of detail on the phone is very expensive for the seller. So you can tweak every aspect of the trip to see where you save money and where you splurge. The same drivers have ended the era of the Department Store. I am amazed that some have lasted this long, as their older customers are dying and the younger ones shop around online - before they go to the shop itself - if they do.
There is not a single line of business that has not been eviscerated by the Internet. For airlines, it is not just that the carriers went on-line but the Bucket Shops too and then the 'fan' sites who compare all the facilities, food etc. they make money through advertising and, sometimes by through selling. These sites are now the pile of 'colour brochures' that you used to get in the High Street, or posted to you twice a year. The Inclusive Tour companies turned into 'Booking' and 'LastMinute' and numerous others. There are even online sites that specialise in low cost Biz class.
When I decorated my first flat (late 1970s) there were small DIY and Hardware shops. They were put out of business by the DIY superstores. THEY are now losing to direct shipping and, as we discovered last week, major paint sellers will send you paint samples (at a price) and then ship the can to you. I can shop the websites of the DIY stores for something I know - and chose which to go to or have deliver to me. Simples!
Lastly, I suggest, that the 2008 financial crash and (in the UK) austerity meant everyone wanted to save money. The next biggie was Covid19. A lot of people had not really recovered from 2008. Then (in the UK) the economy was broken by Liz Truss and not many folks feel in the mood to splash out on getting to the holiday in more comfort.
Whilst I do pay to upgrade for long haul, I agree with
Asturias56. I have friends with a LOT more money than me, who also regularly trravel long haul, and they will not upgrade. On one trip back from JNB, they got upgraded to WT+ and said to me, "I wouldn't pay for that". These are the reasons why Global will not work.
For purchasing (practically anything) the Internet and the FR style of pricing is now the only BIG game in the world. Specialists will always exist around the edges but the Legacy carriers learnt the hard way. Some have still not learnt!
1995, Boeing 737!!
Why easyJet is orange