When times are tough, customers expect you to lower prices. They also know there's a trade. So, they don't often complain when you cut costs, skimp on service and eliminate frills. Most people are willing to sacrifice...to some degree. They turn from satisfying wants...to meeting needs which has far lower expectations.
So, what would happen if you bucked the system? What would happen if you delivered an experience that people wanted for the same price, or less than your competition? You would win.