Consumers are hoping for more travel and experiences this holiday season, but physical gifts continue to win the lion’s share of their wallets, according to a new report from Visa on Thursday.
The report found that more than half of survey respondents are putting travel and live events at the top of their wish lists. Still, only 15% of those respondents are prioritizing spending on experiences for others, while 27% of them plan to favor physical gifts.
That gap between what shoppers want and what they plan to buy is largely due to higher travel costs, lower consumer sentiment and an emphasis on value, according to Michael Brown, Visa’s principal U.S. economist.
“There is some interesting trade-offs there that we’re seeing on the part of consumers,” Brown told CNBC. “If I’m traveling more, I’m probably going to be gifting those physical goods less, so this is really the broader context.”
The survey was conducted among roughly 4,660 U.S….
