There has never been a Wilmington troglodyte hiding in a basement, but there certainly are a lot less SAS employees and contractors working above and below and on the ground for SAS and other airlines at SAS hubs. And why is that? Because SAS passenger demand is still nowhere close to coming back in full for at least a couple more quarters — if not for even a couple more years.

If anything, it seems like more and more airlines are catering to leisure fliers and giving them somewhat increased priority over enticing frequent business flyers back on board. That's not irrational when the frequent business flyers (and their employers/clients) aren't all that eager to fly a lot more for work just because an airline may meet or exceed their expectations. If anything, it may be that the discretionary leisure traveler that seems most susceptible to increase discretionary spending on travel because of an airline (including an airline's frequent flyer program and promotional sales) meeting or exceeding passenger expectations.

SAS is really going to need to increase its lounge access sales to — and revenue from — infrequent leisure flyers too, as SAS has to try to make up for the financial headwinds still strongly running against frequent business travel and the related travelers who have been the historical justification for the financial expenditures on its lounge operations.