(InvestigateTV) - The average person plans to spend about $880 on holiday gifts this year, a 21% decrease from last year, when people expected to spend just over $1,100, according to NerdWallet's latest holiday spending report.

Kim Palmer, a personal finance expert with NerdWallet, said inflation and higher prices across the board are forcing many people to pull back on holiday spending.

That includes cutting back on travel and staying closer to home, not just spending less on gifts.