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Travel shopping has increasingly grown as an important element of the travel activity owing to the significant economic contribution to the tourism business. Although the significance of tourism purchasing is widely acknowledged, very less is documented pertaining to the behavioural intention as well as the desires of tourists. This paper investigates the perceived risks in Souvenir Buying of the domestic Indian tourists. A questionnaire was developed to measure the response from tourists holidaying in the UT of J&K. In first part of the questionnaire, demographic profile and travel style was enquired from the tourists whereas the other part of the questionnaire focused on measuring the risk perceived by tourists while buying souvenir. Probability of each perceived risk was calculated on 5-point Likert scale in 16 items. The findings indicate that the tourists coming to Jammu and Kashmir perceive financial risk as the highest risk involved in souvenir shopping, followed by psychological risk and fraud risk. The three unique risk factors identified in this study can be used by destination managers and service providers to create risk mitigation strategies and improve the visitor experience at the destination.