Times are different now though. When Wolves had a resurgence under Graham Turner (when I started going) there wasn't as much to do, now we have Sky Sports with wall-to-wall sports to watch either live or watching people watch football.
There are lots of other activities and live sports that fill people's match time now that just weren't accessible in those days, coupled with the expense of going to live football, many people could just think 'I've got better things to do with my time than waste the best part of my Saturday and £50 on this supposed entertainment'.
Wolves are in real danger of losing fans to other things forever IMO.