Craft businesses news

Here are some recent news and trends in the craft business industry:

Trends:

  1. Sustainable Crafting: With the growing awareness of environmental issues, crafters are shifting towards sustainable and eco-friendly materials, techniques, and practices.
  2. Digital Crafting: The rise of digital tools and platforms is changing the way crafters create, share, and sell their work, making it easier to access new markets and audiences.
  3. Personalization: Crafters are focusing on creating unique, personalized, and customized products that cater to individual tastes and preferences.
  4. Wellness and Self-Care: Crafting is being recognized as a therapeutic activity that promotes mental and emotional well-being, leading to a growing demand for crafting as a form of self-care.

News:

  1. Craftsy Acquired by NBCUniversal: Online crafting platform Craftsy was acquired by NBCUniversal in a deal worth $250 million, marking a significant investment in the crafting industry.
  2. Michaels Acquires Jo-Ann Fabric and Craft Stores: Craft retailer Michaels acquired Jo-Ann Fabric and Craft Stores, one of its largest competitors, in a deal worth $3.6 billion.
  3. New Craft Supply Stores Open: Several new craft supply stores have opened in recent months, including the first-ever Michael's store in the UK and a new Hobby Lobby location in the US.
  4. Crafting Communities Thrive: Online crafting communities, such as Pinterest and Instagram, continue to grow in popularity, providing a platform for crafters to share their work, connect with others, and learn new skills.
  5. Crafting for Social Impact: Crafters are using their skills to make a positive impact on their communities, with initiatives such as crafting for charity, creating accessible crafts for people with disabilities, and promoting cultural diversity through craft.

Industry Insights:

  1. Crafting Industry Growth: The global crafting industry is expected to grow at a CAGR of 4.5% from 2020 to 2025, driven by increasing demand for handmade and customized products.
  2. Demographic Shifts: The crafting industry is seeing a shift towards younger demographics, with 60% of crafters under the age of 35, and a growing interest in digital crafting and online platforms.
  3. E-commerce Opportunities: The rise of e-commerce has created new opportunities for crafters to sell their products online, with platforms like Etsy, eBay, and Amazon Handmade offering a global marketplace for crafters.

These are just a few of the latest news and trends in the craft business industry. If you're interested in learning more, I'd be happy to provide additional information or insights!