First class travel drops by 1/4

The following article in the New York Times reports inceasing (precipitous) declines in first and business class travel on airlines around the world.

More than 80% of an aircraft's operating cost is fixed. The front of the plane contributes up to 40% of profitability, which makes this a very valuable asset. Hence, airlines will fight hard to resist the inevitable pricing pressures. How they do this, reducing capacity in the front, increasing amenities or offering an in-between product, is a matter of business strategy.

More critically, business class travel is a discretionary expense, so this lagging indicator of global corporate fortunes suggests that we are in for a deepening drawn-out recession.