Blackadder has it correct. They are doing what any company with half decent management should do and are charging what the market will tolerate. How good or bad the product is, is all part of that equation and it is indeed called Yield Management which wilco knows about.
Yes I do know all about it, but I disagree that it should be done to the level that QF do. There is a fine line between maximising revenue and ripping people off. In this day and age where consumers are more informed, this antiquated pricing structure really isnt viable, at least in the long term, and QF is only now realising this out as passengers abandon them in droves.
Back in the day, Qantas was a world leader, noted for its innovation and safety and really had one of the best reputations going around. But now it is an airline that is no longer at the forefront of anything. Its last major innovation was Business class all the way back in 1979 and since then it has merely followed others, and even then somewhat begrudgingly. Qantas charged and passengers paid a premium to fly on what was the worlds best and safest airline. Today, there is very little, if anything at all that sets Qantas apart from its competitors, but they still charge as if there was. NZ is whipping QF in almost every respect, from hard product to soft product to pricing to network and pretty much everything in between. And all this from an airline 1/10th the size.
Qantas can cough and moan all it wants, but it and it alone has allowed itself to get into this mess it now finds itself. Management have made extraordinarily bad decisions that have compounded over the years which have resulted in where Qantas is today. CX has been so successful because they give the customer what it wants at a fair price point that keeps people coming back or at least thinking about CX when they next book a trip. That is how they can sustain 20+ daily flights to HKG when QF can barely muster single dailies.
After ripping people off for years and years when they "could", and you only need took at the pacific fares that were the same as europe despite being 1/3 less distance, they now expect passengers to come running back to help rescue the ailing airline. For mine, and many others it seems, the horse has long bolted and only now is Qantas trying to shut the gate.
IMO the only thing keeping them in business is JQ and the pull of the FF program, which keeps people flying them despite the many and varied disadvantages (ie: backtracking to everywhere ex LHR). Those damn FF points and SC are like a drug that keep me flying OW despite the (IMO) extreme difficulty in redeeming them for something that tangible. Habits it seems, are hard to break.
If the FF program was cancelled tomorrow, how many of you would actually fly QF for your next international flights??
I doubt I would.
Sad end to what was the worlds greatest airline.