Which is more important?

When I first started writing, I thought plot was the most important element of a story. I have changed my mind (hey, women are allowed to change their minds). I think characterization is the most important element because if a reader doesn’t care about your characters it won’t make much difference what they are doing. That doesn’t mean plot isn’t important. It is. I have put books down because there is no story but first as a writer we must create characters that people want to read about. What do you think is more important in a story that you read–characters or plot or something else?