As the world's richest and most powerful executives, including Bob Diamond and Frits Seegers of Barclays and Lloyds chairman Sir Victor Blank, fly out to the luxury Alpine resort of Davos this afternoon, the hotels and restaurants hosting their glittering parties and dinners are braced for chill economic winds.

While the world's most exclusive resort is still enjoying good economic times, local business owners know that after this week's jamboree of world leaders and tycoons, the gravy train of big-spending partygoers could come to a juddering halt.

Ernst Wyrsch, whose Steigenberger Grandhotel Belvedere hotel forms the party hub for the Davos summit, says he has had a terrific ski season so far, having already sold out of the top wines he ordered, including a 1971 Château Petrus premier cru worth more than £1000 a bottle.

But he is aware that this week's World Economic Forum could be the final fling after almost a decade of ever-increasing wealth among his guests.

“Of course, we're not blind,” he says. “It wouldn't be serious to say that this will go on, that the crisis will not hit us at all.”

Nicoletta Müller, of the mountain-top Schatzalp Hotel agrees: “January and February look great but we're worried about March.”

With all the publicity about stricken banks spending foolishly, bankers are keen to avoid being seen as profligate.

Many Americans have pulled out. John Thain, the Merrill Lynch chief executive who was ousted after its sale to Bank of America, is not expected. Goldman Sachs has opted not to host its usual lavish party.

Davos hoteliers report that orders for Dom Pérignon and Krug have been scaled down to Laurent-Perrier, Bloomberg reports. At the Belvedere, caviar is no longer on the menu and spending on food and drink is down as much as 40% on a year ago.

“Companies want to show modesty. They don't want to send the wrong signals,” says Wyrsch. “It's time for having serious discussions, trying to solve problems.”