Families could save nearly 1,000 by choosing an alternative holiday destination this May half-term

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1 Families could save nearly 1,000 by choosing an alternative holiday destination this May half-term Cost of holiday up 3.3% on last year Families can save up to 932, or 388 on average, by choosing alternatives to popular tourist destinations Nessebar in Bulgaria is the cheapest destination overall, costing just 1,812 for a of four Research by M&S Bank shows the typical cost of a holiday* this May half-term has risen by 3.3 per cent, or 78, year-on-year. However, families can save an average of 388 on the cost of a week-long holiday simply by choosing alternative destinations instead of more popular resorts in the same country. Sweden offers the biggest alternative destination, with a of four able to save 932 by choosing to stay in Gothenburg rather than Stockholm. Direct flights to Gothenburg, one of Sweden s largest cities, are nearly three times cheaper than flying to Stockholm s main airport, costing 524 for a of four compared to 1,492, and it s a -friendly flight time of just two hours. Holidaymakers heading to Portugal can also make big s of nearly 25 per cent by opting for Alvor instead of popular Funchal, taking advantage of the lower accommodation and flight costs. Meanwhile, Sibenik in Croatia is 636 cheaper on average than touristhotspot, Dubrovnik. Table 1: Top three biggest alternative holiday destination s Destinations Popular destination total cost Alternative destination total cost Total cost Sweden Stockholm - Gothenburg - 2,904 1,972 Percentage % Portugal Funchal - 2,960 Alvor - 2, % Croatia Dubrovnik - 2,588 Sibenik - 1, %

2 According to the research, previous experience and the experiences of and friends is an important factor in selecting where we go on holiday, with almost half (48 per cent) of UK adults who regularly holiday abroad having never been to a destination they haven t heard of before, or that hasn t been visited by someone they know. Only 15 per cent say they generally prefer to look at lesser-known destinations away from popular tourist resorts when planning a holiday. Despite evidence suggesting alternative destinations can be less expensive, only 14 per cent of UK adults believe lesser-known destinations offer better value for money. However, three quarters (76 per cent) are open to visiting destinations they haven t heard of if they are cheaper than nearby, well-known tourist hotspots especially those with children. As well as cost s, there are additional benefits to jetting off to little-known destinations. Of those who prefer this, over two thirds (69 per cent) said they do so because they enjoy discovering new and different places. 63 per cent said they prefer these destinations because they are quieter and less crowded, while half (51 per cent) believe they offer more unusual things to see and do. Bulgaria is the cheapest half-term holiday destination this May Out of all holiday destinations, Nessebar in Bulgaria is the cheapest overall, costing 1,812 for a of four, or 453 per person. It has seen one of the smallest annual increases in price of just two per cent, or 35, since Nessebar also has the cheapest accommodation costs, meaning families looking for a little extra luxury could upgrade to 5* accommodation for the same price as 3* accommodation in Montpellier, France. Nearby Sunny Beach in Bulgaria is next on the list, costing just 1,864 for a, or 466 per person. Sibenik, Gothenburg and Fuengirola make up the remainder of the top five most affordable destinations. Table 2: Top five cheapest holiday destinations overall 2016 per person 2016 per 2015 per % Nessebar 453 1,812 1, % 35 Sunny Beach 466 1,864 1, % 38 Sibenik 488 1,952 1, % 51 Gothenburg 493 1,972 1, % 146

3 Fuengirola 546 2,184 2, % 62 Paul Stokes, head of products at M&S Bank, said: Although holiday prices have risen slightly partly due to the decline in value of sterling against the euro families can still pocket s this half-term by looking for alternatives to the more popular tourist destinations. As well as money, families can also discover new destinations that are off the beaten track. Paul shares his top travel money tips: Always check whether an alternative destination in the same country could be more affordable being flexible with your holiday plans could result in significant s Make a holiday budget and work out how much your holiday will cost and how much travel money you will need. Even if you re staying in half-board or all-inclusive accommodation, don t forget to factor in costs for taxis, tips and other extras Find out if you can buy tickets online and in advance for activities you re planning Don t rely on internet rates if buying travel money in-store; many providers have different rates online and some change their rate throughout the day Never leave your holiday money until the last minute; airport bureaux often offer less competitive rates and may not have a wide variety of note denominations Always take both travel money and a credit or debit card to ensure you ve got multiple methods of payment -ENDS- Full results: Top 10 alternative holiday destination s Ranking Country Destination 2016 cost per person 2016 cost per 2015 cost per % Alternative Stockholm 726 2,904 2, % Sweden Gothenburg 493 1,972 1, % Portugal Funchal 740 2,960 2, % 90 Alvor 559 2,236 2, % Croatia Dubrovnik 647 2,588 2, % 71

4 4 Greece 5 Spain 6 France 7 Canary Islands 8 Italy 9 Bulgaria 10 Montenegro Sibenik 488 1,952 1, % Crete 701 2,804 2, % 58 Zakynthos 573 2,292 2, % Barcelona 624 2,496 2, % 113 Fuengirola 546 2,184 2, % Nice 681 2,724 2, % 108 Montpellier 616 2,464 2, % Lanzarote 652 2,608 2, % 73 La Gomera 589 2,356 2, % Amalfi Coast 722 2,888 2, % 109 Arzachena 682 2,728 2, % Sunny Beach 466 1,864 1, % 38 Nessebar 453 1,812 1, % Budva 575 2,300 2, % 50 Petrovac 566 2,264 2, % AVERAGE 2,420 2,342 3% *All holiday costs are for a of four for one week. Costs include seven nights accommodation, flights, dinner, spending money and one activity. All flights and accommodation booked for a of four from 30 th May to 5 th June. Accommodation costs are from and represent the average 3 star hotel room cost. All restaurants from All exchange rates from M&S Bank correct for April 2016 and April Consumer research carried out in April 2016 among 1,001 nationally representative UK adults who regularly holiday abroad. For further information please call the M&S Bank press office: Louise Wheble on / louise.wheble@mandsbank.com or Alex Henshall on / alex.d.henshall@mandsbank.com About M&S Bank M&S Bank (the trading name of Marks & Spencer Financial Services plc) was founded in 1985 as the financial services division of Marks and Spencer plc. In November 2004, HSBC bought 100 per cent of the share capital of Marks and Spencer Retail Financial Services Holdings Limited. Today, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer, however, M&S Bank retains its own board. M&S Bank offers a broad range of financial products, including current accounts, the M&S Credit Card, and a range of loans, s and general insurance products, while its travel money offering boasts the widest range of currencies available on the high street. M&S Bank has 29 branches and over 120 bureaux de change located in M&S stores across the UK. HSBC Bank plc HSBC serves 16.1 million customers in the UK and employs approximately 43,500 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.

5 The HSBC Group HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,000 offices in 71 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,410bn at 31 December 2015, HSBC is one of the world s largest banking and financial services organisations.