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Holiday Review - UK - January 2011

This report considers the impact on holidays of the recession and the (official) post-recession period of 2010, analysing the strengths and weaknesses of the market and the challenges and opportunities operators face as a result. It examines consumer behaviour and attitudes towards holidays, relevant trends, key market factors and possible future developments

  • The number of overseas holidays continued to fall in 2010, dropping an estimated 5% following 2009’s 15% decline. Some 36.4 million such trips were taken across the year.
  • While overseas holiday volume fell, average expenditure on these trips rose – again. At no point throughout the 2005-10 period has average spend dropped, as more affluent consumers have continued to head overseas while the less well-off have become more likely to switch to the UK or hold off on holidays altogether.
  • Mintel’s exclusive consumer research reveals that over seven in ten people took some form of holiday in the 12 months ended November 2010. They were significantly more likely to opt for an independent holiday than a package trip (six in ten did the former; three in ten did the latter).
  • The recession has not brought an end to the era of multiple holiday-taking – in the 12 months ended June 2010, holidaymakers were most likely to take 2-3 trips.
  • Overall, two in five people now consider holidays a luxury; contrasting with the one in four who say they are a “necessary spend” or a “right”. Two in five people state that they would go on holiday less if their financial situation worsened; twice the proportion that would instead cut back on other things. Cutting out holidays altogether would be the choice of one of five in that situation; the same proportion say they would switch to holidays is the UK.
  • Three in ten state that they want to relax and not be bothered with ethical or environmental issues on holiday; one in ten admits to feeling travel guilt but only approximately one in 20 agrees that ‘green’ taxes should be levied on travelling.

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Table of contents

  1. Issues in the Market

      • Key issues
        • Definitions
          • Abbreviations
          • Future Opportunities

              • Trend: Power of One
                • Trend: Many Mes
                • Market in Brief

                  • Volume falls further in 2010
                    • Independent days
                      • Online and on the phone
                        • Where – and who
                          • Luxury, plans and preparations
                          • Internal Market Environment

                            • Key points
                              • More than one holiday still the norm
                                • Figure 1: Number of holidays booked (UK and overseas), by holidaymakers in the last 12 months, 2010
                              • Most booked one month ahead or nearer
                                • Figure 2: How far ahead bookings for holiday and short breaks were made, 2010
                              • Saving money vs splashing out
                                • Figure 3: Amount spent on holidays (5 or more nights) and short breaks (1-4 nights) abroad, 2010
                              • Flights, trains, tunnel and taxes
                                • Figure 4: Price and journey time comparison of air vs rail vs tunnel/car travel, travelling February 2011
                                • Figure 5: Air Passenger Duty, as of November 2010
                              • Collapses keep coming
                                • Figure 6: ATOL tour operator failures/closures in the UK, 2010
                            • Broader Market Environment

                              • Key points
                                • Recession gives way to austerity
                                  • Figure 7: GDP, PDI, consumer expenditure and savings, at current prices, 2005-15
                                  • Figure 8: GDP quarterly percentage change, Q1 2004-Q3 2010
                                • Aging kids, aging adults
                                  • Figure 9: Trends in the age structure of the UK population, 2005-15
                                • ABs and C2s
                                  • Figure 10: Forecast adult population trends, by socio-economic group, 2005-15
                                • Singles’ significance
                                  • Figure 11: UK households, by size, 2005-15
                                • Broadband penetration increasing
                                  • Figure 12: Broadband penetration, by demographics, 2004-10
                                • Eurozone and the ‘far near’
                                  • Figure 13: Sterling exchange rates against selected currencies, 2005-10
                              • Competitive Context

                                • Key points
                                  • Business travel creeps back
                                    • Figure 14: Overseas travel volumes, by purpose, 2005-10
                                  • Holidays topped 2010 intentions
                                    • Figure 15: Expenditure priorities, 2005-10
                                • Strengths and Weaknesses in the Market

                                    • Strengths
                                      • Multiple holidays remain
                                        • Leisure spending tops intentions
                                          • Average spending overseas rises
                                            • Demographic opportunities
                                              • Internet development
                                                • Weaknesses
                                                  • All holidays low point
                                                    • Collapses and consumer concern
                                                      • Uncertainty abounds
                                                        • Travel costs increase
                                                          • Willingness to drop holidays high
                                                          • Who's Innovating?

                                                            • Key points
                                                              • Burgeoning budget
                                                                • Taxing times
                                                                  • Comparisons abound
                                                                    • Home front
                                                                      • Accommodation advances
                                                                        • Google gets involved
                                                                          • The present and future of travel
                                                                          • Market Size and Forecast

                                                                            • Key points
                                                                              • Total holidays drop below 94 million
                                                                                • Figure 16: Domestic and overseas holidays and expenditure, 2005-15
                                                                              • Domestic average down, overseas average up
                                                                                • Figure 17: Average spend per trip, 2005-15
                                                                              • Forecasts
                                                                                  • Figure 18: Value forecast of domestic holidays, 2005-15
                                                                                  • Figure 19: Volume forecast of domestic holidays, 2005-15
                                                                                  • Figure 20: Value forecast of overseas holidays, 2005-15
                                                                                  • Figure 21: Volume forecast of overseas holidays, 2005-15
                                                                                  • Figure 22: Value forecast of all holidays, 2005-15
                                                                                  • Figure 23: Volume forecast of all holidays, 2005-15
                                                                                • Forecast methodology
                                                                                • Segment Performance

                                                                                  • Key points
                                                                                    • Independent increase
                                                                                      • Figure 24: Inclusive holidays versus independent holidays abroad, by volume, 2005-10
                                                                                    • Non-flight growth
                                                                                      • Figure 25: Total overseas holidays, by mode of transport, 2005-10
                                                                                    • Europe dominant
                                                                                      • Figure 26: Outbound holiday visits, by region visited, 2005-10
                                                                                    • Spain stays number one
                                                                                      • Figure 27: Outbound holiday visits, by country visited, 2005-10
                                                                                  • Market Share

                                                                                    • Key points
                                                                                      • Consolidation and competition
                                                                                        • Figure 28: Overseas passengers licensed to UK travel companies, December 2010
                                                                                    • Companies and Products

                                                                                        • TUI
                                                                                            • Figure 29: TUI Travel Plc UK and Ireland key financials, 2009 and 2010
                                                                                          • Thomas Cook
                                                                                              • Figure 30: Thomas Cook Group Plc annual results – UK and Ireland, India and Middle East segment, 2008-09
                                                                                              • Figure 31: Thomas Cook Group Plc half-year results – UK and Ireland, India and Middle East segment, 2009-10
                                                                                              • Figure 32: Thomas Cook Group Plc full-year results – UK and Ireland, India and Middle East segment, 2009-10
                                                                                            • British Airways (BA)
                                                                                              • Figure 33: British Airways Group annual results, 2009-10
                                                                                              • Figure 34: British Airways Group half-year results, 2009-10
                                                                                            • easyJet
                                                                                              • Figure 35: easyJet annual results, 2009-10
                                                                                            • Ryanair
                                                                                              • Figure 36: Annual results of Ryanair, 2009-10
                                                                                              • Figure 37: Half-year Results of Ryanair, 2009-10
                                                                                            • P&O Ferries
                                                                                              • Figure 38: P&O Ferries Division Holdings Limited annual results, 2008-09
                                                                                            • Eurostar/Eurotunnel
                                                                                              • Figure 39: Eurotunnel annual financials, 2008-09
                                                                                              • Figure 40: Eurotunnel half-year financials, 2009-10
                                                                                              • Figure 41: Eurostar annual financials, 2008-09
                                                                                              • Figure 42: Eurostar half-year financials, 2009-10
                                                                                            • Expedia
                                                                                              • Figure 43: Expedia.com Limited UK annual results, 2008-09
                                                                                            • TripAdvisor
                                                                                              • Figure 44: TripAdvisor annual results, 2008-09
                                                                                            • InterContinental Hotels Group
                                                                                                • Figure 45: InterContinental Hotels Group Plc annual results – EMEA segment, 2008-09
                                                                                                • Figure 46: InterContinental Hotels Group Plc half-year results – EMEA segment, 2009-10
                                                                                            • Channels to Market

                                                                                              • Key points
                                                                                                • Internet for information
                                                                                                  • Figure 47: Sources used to get information for holidays and short breaks, 2010
                                                                                                • Travel agents up but self-arranging top
                                                                                                  • Figure 48: How holidays were booked, 2010
                                                                                              • Holidays Taken

                                                                                                • Key points
                                                                                                  • Who goes on what?
                                                                                                    • Figure 49: Holidays taken in last 12 months, November 2010
                                                                                                  • UK for cost
                                                                                                    • Europe versus rest of world
                                                                                                      • No goes and age concern
                                                                                                      • Holiday Frequency

                                                                                                        • Key points
                                                                                                          • Topping up and trading down
                                                                                                            • Figure 50: Number of holidays taken in past 12 months, November 2010
                                                                                                          • European dominance
                                                                                                            • Figure 51: Number of holidays taken in past 12 months, by type of holidays taken, November 2010
                                                                                                        • Holiday Expenditure

                                                                                                          • Key points
                                                                                                            • Overseas, over UK spend
                                                                                                              • Figure 52: Domestic and overseas holiday spending in the last 12 months, November 2010
                                                                                                            • Value UK
                                                                                                              • Income and going away
                                                                                                                • More trips, more money
                                                                                                                  • Figure 53: Domestic holiday spending in the last 12 months, by number of UK holidays taken in past 12 months, November 2010
                                                                                                                  • Figure 54: Overseas holiday spending in the last 12 months, by number of holidays taken overseas in past 12 months, November 2010
                                                                                                              • Holidays Taken Overseas

                                                                                                                • Key points
                                                                                                                  • Beach breaks top choice
                                                                                                                    • Figure 55: Type of overseas holiday taken in last 12 months, November 2010
                                                                                                                  • Family findings
                                                                                                                    • Age and accommodation
                                                                                                                      • All-inclusive attraction
                                                                                                                        • Cost and type
                                                                                                                          • Figure 56: Type of overseas holiday taken in last 12 months, by overseas holiday spending (£0-1,999) in the last 12 months, November 2010
                                                                                                                          • Figure 57: Type of overseas holiday taken in last 12 months, by overseas holiday spending (£2,000+) in the last 12 months, November 2010
                                                                                                                      • Overseas Holiday Intentions

                                                                                                                        • Key points
                                                                                                                          • Plans and popularity
                                                                                                                            • Figure 58: Overseas holiday intentions for next 12 months, November 2010
                                                                                                                          • Sun seeking supreme
                                                                                                                            • Who plans what else?
                                                                                                                              • The no-goers
                                                                                                                                • Intention vs experience
                                                                                                                                  • Figure 59: Overseas holiday intentions for next 12 months, by most popular type of overseas holiday taken in last 12 months, November 2010
                                                                                                                                  • Figure 60: Overseas holiday intentions for next 12 months, by next most popular type of overseas holiday taken in last 12 months, November 2010
                                                                                                                              • Attitudes Towards Holidays

                                                                                                                                • Key points
                                                                                                                                  • Holiday opinions
                                                                                                                                    • Figure 61: Attitudes towards holidays, November 2010
                                                                                                                                  • Age and getting away
                                                                                                                                    • Luxury, necessary, a right?
                                                                                                                                      • Soar away sun
                                                                                                                                        • Travel guilt vs action
                                                                                                                                          • Attitudes and types
                                                                                                                                            • Figure 62: Attitudes towards holidays, by any holidays, independent holidays and package holidays taken in last 12 months, November 2010
                                                                                                                                            • Figure 63: Attitudes towards holidays, by other holidays taken in last 12 months, November 2010
                                                                                                                                        • Attitudes Towards Holiday Expenditure

                                                                                                                                          • Key points
                                                                                                                                            • Possible reactions
                                                                                                                                              • Figure 64: How holiday habits/plans would change if financial situation worsened, November 2010
                                                                                                                                            • Go less or cut back elsewhere?
                                                                                                                                              • Cut out and look to the UK
                                                                                                                                                • Booking behaviour
                                                                                                                                                  • Domestic holidays and spending plans
                                                                                                                                                    • Figure 65: How holiday habits/plans would change if financial situation worsened, by domestic holiday spending (£0-999) in the last 12 months, November 2010
                                                                                                                                                    • Figure 66: How holiday habits/plans would change if financial situation worsened, by domestic holiday spending (£1,000+) in the last 12 months, November 2010
                                                                                                                                                  • Overseas spending and future intentions
                                                                                                                                                    • Figure 67: How holiday habits/plans would change if financial situation worsened, by overseas holiday spending (£0-1,999) in the last 12 months, November 2010
                                                                                                                                                    • Figure 68: How holiday habits/plans would change if financial situation worsened, by overseas holiday spending (£2,000+) in the last 12 months, November 2010
                                                                                                                                                • Appendix – Market Size and Forecast

                                                                                                                                                    • Figure 69: Value forecast of domestic holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                    • Figure 70: Volume forecast of domestic holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                    • Figure 71: Value forecast of overseas holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                    • Figure 72: Volume forecast of overseas holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                    • Figure 73: Value forecast of all holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                    • Figure 74: Volume forecast of all holidays, best- and worst-case scenarios, 2010-15
                                                                                                                                                • Appendix – Holidays Taken

                                                                                                                                                    • Figure 75: Holidays taken in last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 76: UK and Europe Holidays taken in last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 77: North America and Asia holidays taken in last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 78: Other holidays taken in last 12 months, by demographics, November 2010
                                                                                                                                                • Appendix – Holiday Frequency

                                                                                                                                                    • Figure 79: Number of holidays taken in past 12 months, by type of holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 80: Number of holidays taken in past 12 months, by UK and Europe holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 81: Number of holidays taken in past 12 months, by Europe, North America and Asia holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 82: Number of holidays taken in past 12 months, by Asia and ‘elsewhere’ holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 83: Number of holidays (1-3+ UK, 1 Europe) taken in past 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 84: Number of holidays (2+ Europe, 1-2+ elsewhere) taken in past 12 months, by demographics, November 2010
                                                                                                                                                • Appendix – Holiday Expenditure

                                                                                                                                                    • Figure 85: Domestic holiday spending (£0-999) in the last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 86: Domestic holiday spending (£1,000-3,000+) in the last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 87: Overseas holiday spending in the last 12 months, by demographics, November 2010
                                                                                                                                                • Appendix – Holidays Taken Overseas

                                                                                                                                                    • Figure 88: Type of overseas holiday taken in last 12 months, by holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 89: Type of overseas holiday taken in last 12 months, by holidays taken in last 12 months (UK and Europe), November 2010
                                                                                                                                                    • Figure 90: Type of overseas holiday taken in last 12 months, by holidays taken in last 12 months (Europe, North America and Asia), November 2010
                                                                                                                                                    • Figure 91: Type of overseas holiday taken in last 12 months, by holidays taken in last 12 months (Asia, ‘elsewhere’), November 2010
                                                                                                                                                    • Figure 92: Type of overseas holiday taken in last 12 months, by number of holidays taken in past 12 months (1-3+ UK, 1 Europe), November 2010
                                                                                                                                                    • Figure 93: Type of overseas holiday taken in last 12 months, by number of holidays taken in past 12 months (2-3+ Europe, 1-2+ elsewhere) November 2010
                                                                                                                                                    • Figure 94: Most popular type of overseas holiday taken in last 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 95: Next most popular type of overseas holiday taken in last 12 months, by demographics, November 2010
                                                                                                                                                • Appendix – Overseas Holiday Intentions

                                                                                                                                                    • Figure 96: Overseas holiday intentions for next 12 months, by holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 97: Overseas holiday intentions for next 12 months, by holidays taken in last 12 months (UK and Europe), November 2010
                                                                                                                                                    • Figure 98: Overseas holiday intentions for next 12 months, by holidays taken in last 12 months (North America and Asia), November 2010
                                                                                                                                                    • Figure 99: Overseas holiday intentions for next 12 months, by holidays taken in last 12 months (‘elsewhere’), November 2010
                                                                                                                                                    • Figure 100: Overseas holiday intentions for next 12 months, by number of holidays taken in past 12 months (1-3+ UK, 1 Europe), November 2010
                                                                                                                                                    • Figure 101: Overseas holiday intentions for next 12 months, by number of holidays taken in past 12 months (2-3+ Europe,1-2+ ‘elsewhere’), November 2010
                                                                                                                                                    • Figure 102: Overseas holiday intentions for next 12 months, by domestic holiday spending in the last 12 months (£0-999), November 2010
                                                                                                                                                    • Figure 103: Overseas holiday intentions for next 12 months, by domestic holiday spending in the last 12 months (£1,000+), November 2010
                                                                                                                                                    • Figure 104: Overseas holiday intentions for next 12 months, by overseas holiday spending in the last 12 months (£0-1,999), November 2010
                                                                                                                                                    • Figure 105: Overseas holiday intentions for next 12 months, by overseas holiday spending in the last 12 months (£2,000+), November 2010
                                                                                                                                                    • Figure 106: Most popular overseas holiday intentions for next 12 months, by demographics, November 2010
                                                                                                                                                    • Figure 107: Next most popular overseas holiday intentions for next 12 months, by demographics, November 2010
                                                                                                                                                • Appendix – Attitudes Towards Holidays

                                                                                                                                                    • Figure 108: Attitudes towards holidays, by holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 109: Attitudes towards holidays, by holidays taken in last 12 months (UK and Europe), November 2010
                                                                                                                                                    • Figure 110: Attitudes towards holidays, by holidays taken in last 12 months (North America and Asia), November 2010
                                                                                                                                                    • Figure 111: Attitudes towards holidays, by holidays taken in last 12 months (Asia and ‘elsewhere’), November 2010
                                                                                                                                                    • Figure 112: Attitudes towards holidays, by number of holidays taken in past 12 months (1-3+ UK, 1 Europe) November 2010
                                                                                                                                                    • Figure 113: Attitudes towards holidays, by number of holidays taken in past 12 months (2-3+ Europe, 1-2+ ‘elsewhere’) November 2010
                                                                                                                                                    • Figure 114: Attitudes towards holidays, by most popular overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 115: Attitudes towards holidays, by next most popular overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 116: Attitudes towards holidays, by other overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 117: Most popular attitudes towards holidays, by demographics, November 2010
                                                                                                                                                    • Figure 118: Next most popular attitudes towards holidays, by demographics, November 2010
                                                                                                                                                    • Figure 119: Other attitudes towards holidays, by demographics, November 2010
                                                                                                                                                    • Figure 120: Least popular attitudes towards holidays, by demographics, November 2010
                                                                                                                                                • Appendix – Attitudes Towards Holiday Expenditure

                                                                                                                                                    • Figure 121: How holiday habits/plans would change if financial situation worsened, by most popular attitudes towards holidays, November 2010
                                                                                                                                                    • Figure 122: How holiday habits/plans would change if financial situation worsened, by next most popular attitudes towards holidays, November 2010
                                                                                                                                                    • Figure 123: How holiday habits/plans would change if financial situation worsened, by other attitudes towards holidays, November 2010
                                                                                                                                                    • Figure 124: How holiday habits/plans would change if financial situation worsened, by least popular attitudes towards holidays, November 2010
                                                                                                                                                    • Figure 125: How holiday habits/plans would change if financial situation worsened, by holidays taken in last 12 months, November 2010
                                                                                                                                                    • Figure 126: How holiday habits/plans would change if financial situation worsened, by holidays taken in last 12 months (UK and Europe), November 2010
                                                                                                                                                    • Figure 127: How holiday habits/plans would change if financial situation worsened, by holidays taken in last 12 months (North America and Asia), November 2010
                                                                                                                                                    • Figure 128: How holiday habits/plans would change if financial situation worsened, by holidays taken in last 12 months (‘elsewhere’), November 2010
                                                                                                                                                    • Figure 129: How holiday habits/plans would change if financial situation worsened, by number of holidays taken in past 12 months (1-3 UK, 1+ Europe), November 2010
                                                                                                                                                    • Figure 130: How holiday habits/plans would change if financial situation worsened, by number of holidays taken in past 12 months (2-3 Europe, 1-2+ ‘elsewhere’), November 2010
                                                                                                                                                    • Figure 131: How holiday habits/plans would change if financial situation worsened, by most popular type of overseas holiday taken in last 12 months, November 2010
                                                                                                                                                    • Figure 132: How holiday habits/plans would change if financial situation worsened, by next most popular type of overseas holiday taken in last 12 months, November 2010
                                                                                                                                                    • Figure 133: How holiday habits/plans would change if financial situation worsened, by most popular overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 134: How holiday habits/plans would change if financial situation worsened, by next most popular overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 135: How holiday habits/plans would change if financial situation worsened, by other overseas holiday intentions for next 12 months, November 2010
                                                                                                                                                    • Figure 136: Most popular holiday habit/plan changes if financial situation worsened, by demographics, November 2010
                                                                                                                                                    • Figure 137: Next most popular holiday habit/plan changes if financial situation worsened, by demographics, November 2010

                                                                                                                                                Companies Covered

                                                                                                                                                • Air Travel Organisers' Licensing (ATOL)
                                                                                                                                                • AirAsia
                                                                                                                                                • Airtours Holidays
                                                                                                                                                • AMR Corporation (American Airlines)
                                                                                                                                                • Association of British Travel Agents (The)
                                                                                                                                                • Avro plc
                                                                                                                                                • British Airways Holidays
                                                                                                                                                • British Airways Plc
                                                                                                                                                • Caledonian Travel Ltd
                                                                                                                                                • Carnival Corporation
                                                                                                                                                • Civil Aviation Authority
                                                                                                                                                • Condor Ferries
                                                                                                                                                • Cosmos Group (Globus group of companies)
                                                                                                                                                • Costa Crociere
                                                                                                                                                • Council of Mortgage Lenders
                                                                                                                                                • Direct Holidays
                                                                                                                                                • Euro Disney S.C.A.
                                                                                                                                                • Eurostar UK Ltd
                                                                                                                                                • Expedia Inc.
                                                                                                                                                • First Choice Holidays & Flights Ltd
                                                                                                                                                • Global Travel Group Plc
                                                                                                                                                • Gold Medal Travel Group PLC
                                                                                                                                                • HM Revenue & Customs
                                                                                                                                                • HomeAway Inc
                                                                                                                                                • Hoseasons Holidays Ltd
                                                                                                                                                • InterContinental Hotels Group PLC
                                                                                                                                                • Jet2Holidays Ltd
                                                                                                                                                • Kantar Media
                                                                                                                                                • LM Travel Services Ltd
                                                                                                                                                • London & Continental Stations & Property Ltd
                                                                                                                                                • London Development Agency
                                                                                                                                                • Lotus International Ltd
                                                                                                                                                • Monarch Travel Group
                                                                                                                                                • Office of Fair Trading
                                                                                                                                                • P&O Cruises
                                                                                                                                                • P&O Ferries
                                                                                                                                                • Premier Travel Inn
                                                                                                                                                • Princess Cruises
                                                                                                                                                • Royal Caribbean Cruises Ltd.
                                                                                                                                                • Ryanair Holdings plc
                                                                                                                                                • Saga Holidays
                                                                                                                                                • Southall Travel Group
                                                                                                                                                • Starwood Hotels & Resorts Worldwide, Inc.
                                                                                                                                                • Stena Line AB
                                                                                                                                                • Sunquest Holidays
                                                                                                                                                • The Airline Seat Company Ltd
                                                                                                                                                • The Freedom Travel Group Ltd
                                                                                                                                                • The Hertz Corporation
                                                                                                                                                • The Mileage Company Ltd
                                                                                                                                                • Thomas Cook Group PLC
                                                                                                                                                • Thomson Holidays
                                                                                                                                                • Travelocity.com L.P.
                                                                                                                                                • TripAdvisor LLC
                                                                                                                                                • TUI Travel PLC
                                                                                                                                                • U.S. Department of Transportation
                                                                                                                                                • Union of European Football Association (UEFA)
                                                                                                                                                • Virgin Atlantic Airways Limited
                                                                                                                                                • Virgin Galactic
                                                                                                                                                • Wyndham Worldwide Corporation

                                                                                                                                                Holiday Review - UK - January 2011

                                                                                                                                                £1,995.00 (Excl.Tax)