I disagree to some extend with racedo on disposable cash not being around. It *is* still around, but has become more selective compared to the boom times of 2007. Filling a 737 to a Spanish beach in July is not a problem - but in November many routes become much tougher.
Those who have it are more frugal in spend patterns as they don't know what will happen.
Its why Domino etc have seen demand rise as people spend at home rather than out.
Tesco noticed this in 08 as they saw their customers disappear to Aldi / Lidl way before anybody else, who needs research when you see the nations shopping bill every week.
The market will come back but its not just the market that has suffered as the destinations have also pulled back so its a chicken and egg situation.