The seasonal getaways are on average £875 cheaper than popular winter sun destinations, a decline of 4.8% since last year.

Stockholm, Sweden, is the most affordable holiday destination, with the cost of seven nights’ accommodation, flights, dinner, spending money and one activity costing £1,760 for a family of four. With the pound strengthened to 11.3% against the Swedish krona in the past year, it is an ideal destination for families on a budget.

The most expensive of traditional Christmas destinations, New York, costs £5,940, while Finland was the most expensive European destination at £3,560.

While the country saw the largest fall in price, down 17.4% year-on-year, it is still the third most expensive destination on the top 10 due to the cost of more expensive holiday activities, like reindeer sleigh rides.

Despite costs for winter sun trips falling an average of 8.2% annually, only two winter sun destinations, Cyprus and the Canary Islands, are included in the top ten most affordable holidays at £2,464 and £4,608 respectively for a family of four.

The Bahamas is the most expensive winter sun destination. Families have to pay up to £9,936 to enjoy a week there, even with a price decrease of 18% on last year.

Paul Stokes, head of products at M&S Bank, said: “The cost of a holiday has fallen almost across the board this Christmas, making it more affordable for families to book a getaway. With plenty of festive themed activities, traditional Christmas holiday destinations offer an alternative holiday experience at an affordable price.”

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