ST. MORITZ - Hoteliers in the Upper Engadine said the first full week of January filled most mid-range beds. Families on school holidays still dominated. British and German guests were easier to find than the long-haul groups that padded the strongest winters of the last decade.
Davos was already a special case. From 19 January the World Economic Forum will take a large share of rooms, plus the security perimeter that comes with them. Some regular ski guests have learned to book Klosters or Arosa that week and commute by bus.
Snow, not slogans
Resort managers talked about grooming costs and day-ticket prices more than about climate conferences. The comparison they use is last winter, covered in our 2025 season note, not a brochure from the 1990s.