You are not alone in taking your decision. i have stopped flyign EK (ex GRU) as I get better value from others in Business Class...so has my organisation and many other organisations and individuals from what I hear A major change which they did not notice was that many European countries dropped transit visa requirements for travellers early this year. This led to a widening of choice for many travellers who otherwised used EK to avoid hassles. European airliens also dropped prices and offered discounts to get the business.

EK response was clunky. They raised prices even as the others dropped theirs. Loads dropped. Then the response --- recently they upped miles accelerator bonuses and initiated small temporary discoutns iin J and F. Not working... presumably they will drop prices if loads continue to be sluggish especially with the new Frequency loooming

So vote with your feet and if you are voting with the flow then the airline will respond unless its eye is off the ball (As EK's was)

On the other hand the factors mentioned by mecabq are also relevant. My wife just booked an open jaw LHR-PEK MAA-LHR in economy Class. Point to point, BA is the only choice. But it was outrageously expensive USD 2100 -- because they dont fly daily to PEK. Etihad was the cheapest (900 dollars) But their MAA-LHR flight involved a 0415 departure and a four plus hour layover in Abu Dhabi which she thought was too long for that hub, from previous experience of its qualities.
Finnair (and my wife is a Oneworld FF) was USD1100 and convenient timings. But my wife had heard bad things about their discriminatory behaviour in transit This perception, having to go to DEL to catch her plane, and the fear of IRROPS due to weather in a HEL transit (she returns end november) meant she ruled out this option

EK was USD 1227 with A380s on 3 of the 4 sectors no layover exeeding 100 minutes and a 0900 or thereabouts departure from MAA
She discussed it with me and we chose EK So they got someone for a higher price with valid (ie not illogical) reasons! Relative product (A380 latest generation seats) , timing, choice of connections hub attractiveness and prerceptional differences trumped price. And EK sold a seat!