No... I think this is analysis is wrong.

For most flyers, (especially economy flyers) each journey is a separate decision which starts with a blank sheet of paper. They are not loyal to a particular airline nor a particular destination.

They will typically phone up a local agent or respond to an ad in a newspaper and "get a price". They will then type stuff into a LC carriers website (if your in the UK its likely to be Easyjet/Ryanair) and compare the results.

Then they'll book the cheapest.

Its just a journey to them. They might pay a little more for a more convenient airport. Eg if you're south of London, you're going to pay a bit more for a flight out of Gatwick rather than one out of Luton.

I think "disloyalty" is more important than "loyalty". So if they have a particularly bad experience, they'll remember it and avoid that airline in the future.