A heap of airlines are cutting back on first class entirely and moving towards more business class.
Fundamentally I believe first class should be a solid alternative to flying private, rather than a few steps above business class.
In fact there's more millionaires now than ever before in history and the world is transporting more bodies via than air than ever. People who pay first class aint doing it for the status credits or points. They are doing it because of the value it (should) bring them such as privacy, saving time and little to no stress which is likely a reflection of how their life is generally. In addition to this we look at who makes decisions around first class products and it's generally folks who have never paid for a first class ticket in their life.
The folks running the data and looking at BI are all about numbers, trends and hypothesising various scenarios. Very few BI teams (in my experience) have product people inside the department who are there to innovate/find new revenue. We look at the most successful companies in the world and all of them have a culture of try-fail-try-fail as fast as possible. Innovation has and always will be key to future profits.
I believe this is why ME3 have seen greater success with first class than any other carriers in history. They understand what's important.