I think the key though is something that boeing eng mentioned, since the collapse of certain Airlines and Tour Ops, many customers who were "self packaging" and as a result were often flying on a LOCO as part of their quest for cheaper cost suddenly felt a little exposed and as a result have decided to go back to a large Tour Op such as TUI, Tommy Cook and Monarch in order to feel more protected, this I think has played a big part in the resurgent "Old Fashioned" package holiday, and therefore as a result has increased load factors on the Airlines owned by those Travel giants over the past couple of years.
I am sure you are spot on with that summary. I hope it lasts.