The paper looks at the concept of flow in the context of a holiday. Flow is conceptualized as a mental state which develops when an individual, performing an activity, is fully immersed in a feeling of focus, full involvement, and enjoyment in its activity. The paper presents the results of a study conducted in French mountain resorts, and identifies how and in which instances flow occurs. The results have implications for the conceptualization of satisfaction, bring a deeper understanding of what lies at the heart of the holiday experience and provide guidance for managers.