If deciding between those two options my wife and I almost always choose experiences.
But I’d like to introduce a 3rd category: Giving.
We certainly place a high value on experiences, we LOVE taking great vacations and making memories together. But we have experienced as much joy, if not more, when with give to causes we are passionate about. Experiences are great and we cherish them, but nothing quite compares with feeling like we are using what we have to help people in need and impact people’s lives in a positive way.
Also, by travel hacking we have been able to have some awesome experiences at very minimal cost. Which has allowed us to give more! So in a lot of ways we have been able to get the best of both worlds; having great experiences and giving generously to make a lasting impact on our world.