Oh, by the way...
The actual enemy of the traditional, full-service carriers is not the LCC horde, as I perhaps encouraged you to conclude above.
The actual enemy is the private jet. Prior to the hordes of Gulfstream this and Global thats, the wealthy had no choice but to buy first class tickets, and they in turn supported the economy cabin enough to drive down the Y prices into the realm of the reluctant tourist.
The exit of the significantly wealthy from the public transport nature of the airline business has stripped it of convenient patrons. What is left are the J class punters flying on employer's direction on employer's money. They do not in themselves contribute enough to underwrite the traditional Y class aspirational customer. The aspirational customer is, more and more, a bargain hunter. The rest of the world has bled him dry far more than the previous generation, so he has to endure **** in order to take his kids skiing in St Moritz. It ain't fair.
If you follow the LCC raison d'être logic to its logical conclusion there will eventually be no customer base for any but the Gulfstream. Everyone else will be too busy eking out a grubby existence to fly anywhere.