Worth pointing out that most of the justifications/ excuses discussed here are things that haven't changed since 2012/2013 - we can blame high fares/ free bus passes for the pensioners/ the obsession with through services to Cardiff/ short trains/ lack of through tickets to Chester Zoo/ poor late night services etc but things haven't changed that much in that timescale - other routes in the UK have seen ticketing validity changes (so that cheaper "day" tickets are scrapped, forcing people to buy more expensive "period" returns... or "off peak" services suddenly become "peak"), so this isn't unique to the coast.
Rather than glibly waiving away any apparent reduction in demand as due to fares putting people off and/or ticketless travel (which also happen on other lines), it'd be interesting to see what is specific to this line and this time period.
It's still generally the same frequency/ stock as it was in 2012 - about the only real change I can think of (as an outsider) is the direct services to Manchester Airport (which should increase passenger numbers, rather than decrease them - unless the people of Llandudno are holding out for a direct service to Rhoose International, since they are too patriotic to fly from an English airport?). The WAG Express has been running since 2008, unless the changes to "premium" service is responsible for the drop in passenger numbers?
The ATW "clock face" timetable and the VHF timetable have been fairly consistent during this period.
Is this due to the UK economy slowly growing (so that people, who started cutting back and replacing their foreign holidays with something cheaper like a caravan at Colwyn Bay, are now able to afford overseas trips again, thus there was a rise in the first few years after 2008 that has been "corrected" as people go back to their Spanish flights)?
Has reliability of Wales n Borders services really got that much worse over the five years discussed? People seem to have been complaining about it for almost fifteen years, so I can't recall boasts about how perfect the reliability was in 2012?
We had Ryanair taking a big chunk of the "Irish" market in 2012 too, so that's not a new development.
I'm not aware of any huge improvements in the parallel Arriva bus services along the coast - unless anyone can tell me otherwise?
Maybe, instead of complaining about the "no growth" franchise from 2004, people should be grateful that it was let on a "no cuts" basis?