I don't care about lower fares but would love to see lower load factors and less overcrowding in the clubs and the terminals in general, but for the time being, I haven't seen that really materialize. Maybe domestic load factors are lower, but not significantly enough to be noticeable for folks traveling exclusively upfront. I have heard that it is visible in the Polaris lounges, but I haven't had INTL in the past few weeks nor in the upcoming weeks.

Consider this an exercise for when the next recession strikes. As jsloan already mentioned, they simply don't need to cut prices. With their tight grip on a market that has been deprived of competition, the legacies can get by with just cutting capacity and increasing award availability, and they will still fill the remaining planes to the brim. In competitive markets like EMEA and Asia it's a whole different story and that's why you see LH slashing fares and crying for government assistance.