I'd add a fourth factor: The fact that we travel more frequently.

If you are flying something like once per decade flying might feel like an adventure in its own right and you may be willing to splurge a bit.

But the more often you need to fly between A and B, the more similar it becomes to taking the bus, subway or a taxi, all of which already are commodities.

I expect there is room for more "exclusive" experiences at a higher price, just like there is for groceries. Or as with limousine rental vs taxi.

But fundamentally it's just transport - I'm flying because I need to get somewhere else quickly. If I were traveling for the experience I would probably go by motorcycle, train or boat instead.