The economy class prices for my Europe-origin travels to the US this summer have been lower this year than they used to be at this time in 2019. Low enough that I haven’t even cared to try to use miles for Europe-origin flights. It suggests to me that European-origin demand for TATL flights is more price sensitive and weaker than US-origin demand. With that being the economy class picture, I would guess that the business class picture is also weaker on the Europe-origin side than on the US-origin side.

I was seeing NYC-India-NYC for later this summer in business class on Delta.com for under $2800. Not sure how that could happen so late in the game this year — especially when given the route was via Europe in both directions — but pricing and demand seems crazy in various ways.