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I’ve heard it’s due to the lack of business travelers that drive a lot of airlines profits is the reason they’re cutting flights as well.

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Yep, business class seats are 4x the price of economy and companies generally buy business flex tickets which allows them to change the dates any time but also coat 2-3x more than a non-refundable business class ticket. Basically, one business flex ticket for $10k is equivalent to 12 economy travelers.

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Not everyone flies business class. If you’re not that important the company buy you economy lol.