Fear of flying is not the same as fear of heights

Instead they look for destinations that can be reached by car or train, and the Alps come up as a natural choice for many.

"People prefer to stay in mainland Europe and go skiing," said Lazard Gestion fund manager Francois de Saint-Pierre.

Short holidays by car have become much more popular since the attacks on 11 September, agreed Oddo Pinatton analysts Gilles Raffort and Edouard Vallette Viallard.

And the French ministry of tourism pointed out that a "favourable psychological effect" that benefited some destinations "because of the international events".

Europeans rule

Admittedly, nothing is going to persuade Japanese or US holidaymakers to come back in the short term.

But even so, high hopes of a good season in the Alps have led many professional investors to view skiing holiday operators - such as Compagnie des Alpes and Pierre & Vacances - as safe investments during an otherwise risky period.

After all, quips one analyst, "the [greatest] risk is that there will be no snow, like two years ago, or too much, like in a storm."

Ski lifts operator Compagnie des Alpes' dependence on visitors from overseas is negligible, given that 95% of the skiers in the French, Italian and Swiss Alp resorts are European.

And even in a normal year, 85% of its customers will travel to the Alps by car, said the company.

More than a third of Pierre & Vacances's properties are in the Alps, so "they certainly have a position of dominance in the winter sport resorts in France", said Fideuram Wargny analyst, Armelle Moulin.

And as is the case with Compagnie des Alpes, nine out of every ten customers arrive by car or train as well.

Healthy business

Pierre & Vacances's business has stayed healthy in the wake of 11 September, despite the gloom seen elsewhere in the travel and tourism sector.

While Compagnie des Alpes has already seen a 4% rise in reservations compared with last year.

"We think bookings will improve," said marketing director Eric Guilpart, adding that the company aims to grow by 10% per year until 2005.

One broker said the companies were well equipped to adjust to changes in skiers' holiday patterns, towards "more split-up vacations and shorter trips".