The veteran host, 58, was giving his input to a Martin Lewis Money Saving Expert segment, when he made the gaffe.
Caller Rebecca rang up to share her frustrations over the fact that she hadn’t received a refund from loveholidays, despite the fact that the Majorcan hotel she was meant to be staying in had allegedly told her they wouldn’t be operating all summer.
Phil addressed Rebecca and said: “If Lovehoney…
“Oops! Not Lovehoney.”
Co-host Holly Willoughby, 39, burst into a fit of giggles, as Lovehoney is a recognised sex toy brand, which also sells erotic gifts and racy lingerie.
They describe themselves as a “one-stop orgasm shop”.
Phil continued: “You’d be getting a whole different package through your door.”
One This Morning viewer joked: “That’s one free plug for Lovehoney, and a free lifetime supply of them for Phil.”
Phil then clarified that what he intended to say was if loveholidays offered Rebecca an alternative hotel, is that something she’d be interested in taking them up on?
However, Rebecca advised this would not be suitable because of childcare and some of the holiday party being key workers.
Ahead of the break, an embarrassed Phil put his head in his hands, seemingly about his raunchy gaffe.
Daily Star Online has contacted loveholidays for comment.
Elsewhere on the programme, Josie Gibson made a potentially expensive mistake.
Josie, 35, seemed to get carried away by the beach frolics, as she ran into the sea, forgetting that she still had her expensive microphone pack on.
A worried Phillip Schofield, 58, who was reporting from the This Morning ITV studio, shouted at her: “Take your kit off!”
He then clarified: “I mean your mic.”
A panicked Josie then quickly grabbed her expensive mic pack, as she realised her mistake.
This Morning airs weekdays at 10am on ITV