Premium Economy was introduced initially targetting the long haul leisure market . I have not seen, but I am sure it exists, some research to show who exactly who is using Premium Economy. I have used it primarily on CX and with BA across the pond. For a 5/7 hour flight then PE is fine, anything over 8+ hours is a challenge. I have overall found PE good value for money. I should say when flying frequently as a Diamond on CX I found myself the recipient of a few extra goodies!!. If you are in PE and have status you are likely to have first dibs for an upgrade!!!
My regular route is Accra to London (4 or 5 times a year). Outward is a 10.30pm departure from Accra. Return is a 2pm departure from Heathrow. I almost always book WTP and then upgrade the outward journey to Club World (with money or points) to get a reasonable night’s sleep. But for a daytime flight, WTP is fine and, as CathayLoyalist2 said, it can help to put you in line for an upgrade (as happened to my wife and I in June).
