Originally Posted by
NYC Flyer
Also, I think there's an argument that a higher percentage of air travelers fall into the more-insulated demographic of the economy (i.e., where there is still strong demand for luxury products) vs. the overall market for gas/groceries/consumer staples.
I agree with your other points but I think this especially is something that a lot of people overlook when trying to evaluate behavior based on what they "see". Most of these people have probably seen their investments, home values, 401ks, and other retirement accounts skyrocket, so they feel very comfortable with where they're at financially, and if they have to spend 5% more on groceries (a relatively small dollar value expenditure) it doesn't matter that much to them.
It's not until people become nervous about the future state (not the inflation that has already happened) where we will see it drive consumer behavior in these demographics. Business behavior is a lot different as the cautiousness hits much quicker, and often before consumers are even aware that things are slowing down.