Consumers are planning to spend around $700 on gifts this season, a decrease of 2% from previous years. Millennials are expected to reduce their spending the most, with a 10% decline in gift spending and a 37% decline in travel spending.

A significant portion of consumers, 64%, are prioritizing gifts that do not involve screens. Additionally, 29% of consumers plan to use artificial intelligence to help with holiday shopping, a 7% increase from last year.

Further details on holiday spending and travel costs are available, including information on rising Thanksgiving airfares, which are 9% to 13% higher than last year.