No doubt.
Of course nobody (including QF) will really know how many pax have left because of dissatisfaction with things like status, vs effects of changes in business travel spend (due to revenue, need, impact of video calls and so on) and drop in leisure travel due to restrictions, personal budgets (lack of discretionary spend) and external factors like government controls (border closures) and restrictions - such as the current bans on travellers from Melbourne) and so on.
It's pretty certain that in the medium term ALL airlines.. heck travel industry in general will see a drop due to all the above factors. Even if one assumes the pandemic will be perhaps not cured but a an acceptable level in terms of treatments or relative safety that governments and public feel OK to get out there again in the next 12-18 months that confidence level and ability or desire to travel for both business and leisure will take longer to get going. Hence the projections of companies like QF, BA and others that they do not see near normal levels till 2023. It may seem conservative but I can absolutely see where they are coming from...
and to bring back on thread i think all of these factors will lead to further changes (no, not the "e" word
) to support elites by airlines, hotels etc. The longer and crazier this gets (I just heard the WHO say this morning we're not even close to getting through this - and I think they're right no matter one's feelings on the WHO in general) the need will be there to do more - specially when nearly nobody is flying.
So rest easy everyone. I am certain there is more to happen in this space. And honestly it may not happen till much later this or next year. I would hope QF would learn from what has happened this year (and remember, even back in March when the extension was made the situation and outlook was different to what it is now, and it will be again different in September, or December this year...). I would imagine that options other than blanket extensions which has caused so much angst would be explored. We shall wait and see.