Everyone has high premium cabin loads.

I flew back from IAD on Virgin last week. The load (VS always announce the load over the PA) was 112. Upper was virtually full and Premium was pretty full. Economy had just 55 people in it - this is where the weakness is.

stueys is showing a failure to understand airline economics though. If you can sell your premium cabin regardless, you don't need to incentivise via loyalty. Airlines make money from the marginal customer, the person who books the half-full 2pm departure to Frankfurt on BA rather than easyJet because they want the tier points and fill a seat that is otherwise going empty, meaning that almost the entire base fare + YQ drops through to the bottom line. Those are the people who have been lost.