COVID exposes ULCC advantages vs legacy airlines.

As most of the world has benefited from the low fare, ultra-low-cost carrier model, the U.S. remains a notable exception. In most mature short-haul markets around the world, ULCCs typically command 30% passenger market shares.  However, in the U.S. ULCC penetration has hovered around 5%, but that dramatically changed in 2020 growing to over 10%. Why [...]