It used to be that business and leisure travelers were fairly different in terms of what values they were seeking. It used to be that business travelers were in search of flights that would get them where they wanted to go at the exact time they wanted to be there. Price was, therefore, much less of an issue. By contrast, leisure travelers tended to be focused solely on price. This is why leisure travelers generally flew low-cost airlines and business passengers did not.
This has changed, since the global recession started a few years ago. Since then, business and leisure travelers have come to be pretty identical. They are both looking almost exclusively for low-cost flights above all other considerations. It is not clear whether this trend will continue after the world economy picks up again.
Both business and leisure travellers seek basic transportation with associated service features like safety, comfort, reliability, speed and punctuality. The major difference in the characteristics of these two types ob airlines customer is in the flexibility of their demand and the extent to which the travel can be preplanned.
Business traveller have comparatively more rigid travel and often they need to travel at short notice. Because of this business travellers are usually not able to change their travel plans to take advantage of discounted fares available either for early booking, or for the seats on specific flights remaining unbooked till very close to the flight timing. Thus the business travellers need the ability get required reservations on short notice.
In contrast, the leisure travellers can be of two opposing types. One type is the traveller that plans its holidays well in advance. These travellers shop for best prices offered on early bookings. The other type is opposite of this. These may be generally young people not travelling with family. They are ready to plan their leisure travel at very short notice to take advantage of the highly discounted fare offered for filling up seats on airlines that remain vacant till very close to the flight timings.
It is important to note that prices are important for both business and leisure traveller, but inflexibility of travel plans makes it difficult for the business traveller to take advantages of discounted fares to the extent the leisure traveller can.