Retailers like Michaels and Hobby Lobby have long been synonymous with seasonal decor, offering a wide range of products to cater to various holidays. This year, the two stores once again proved to be major players in the fall decor market, but with distinct strengths and weaknesses. Michaels took the top spot for Thanksgiving, offering a curated selection of autumnal decor that appealed to a wide range of customers. In contrast, Hobby Lobby excelled when it came to Halloween, boasting a vast array of spooky decorations that catered to the holiday's more adventurous shoppers.
Both retailers have been successful in leveraging their brand recognition and extensive product offerings to drive sales during the fall season. Michaels, for instance, has been actively promoting its Thanksgiving decor through social media campaigns, highlighting the store's exclusive holiday products and encouraging customers to share their own fall-themed decor ideas. Similarly, Hobby Lobby has been capitalizing on the popularity of Halloween by offering a range of exclusive decorations, including intricate costumes and elaborate lighting displays. By tailoring their marketing efforts to specific holidays, both retailers have been able to tap into the nostalgia and sentimentality associated with these events.
Data from recent sales figures suggests that both Michaels and Hobby Lobby have been enjoying strong revenue growth during the fall season. According to a report by the National Retail Federation, holiday sales in the US are expected to reach $729.2 billion in 2023, representing a 3.6% increase from the previous year. Michaels and Hobby Lobby are among the top retailers in the seasonal decor market, with the former generating an estimated $1.4 billion in revenue during the 2022 holiday season.
The success of Michaels and Hobby Lobby in the fall decor market has significant implications for the retail industry as a whole. The two retailers have demonstrated a keen understanding of consumer behavior and preferences, leveraging their brand recognition and extensive product offerings to drive sales and customer engagement. As the retail landscape continues to evolve in response to changing consumer habits and technological advancements, retailers like Michaels and Hobby Lobby are well-positioned to capitalize on emerging trends and opportunities.
For example, the rise of e-commerce has led to increased competition for retailers, with online marketplaces like Amazon and Etsy offering a wide range of seasonal decor products. However, Michaels and Hobby Lobby have been able to differentiate themselves through their brick-and-mortar presence, offering a unique shopping experience that combines the benefits of online browsing with the tactile experience of browsing physical stores. By investing in omnichannel retailing strategies and leveraging their extensive product offerings, these retailers are well-positioned to maintain their market share and drive growth in the years to come.
Research communities and policymakers are also taking note of the retail landscape, with many organizations calling for greater support for small and medium-sized retailers like Michaels and Hobby Lobby. According to a report by the National Retail Federation, small and medium-sized retailers account for approximately 90% of all retail establishments in the US, generating nearly $2 trillion in annual sales. By providing targeted support and resources, policymakers can help these retailers to remain competitive and drive economic growth in local communities.
Why it matters: Both stores were winners — just not for the same holiday.
Billy Odell Tucker-Robinson is the founder and host of Banking With Billy, an independent financial intelligence platform covering markets, stocks, AI, crypto, and world news. Billy operates a 24/7 live AI radio and Stock TV platform, hosts a growing Discord community, and produces daily content on YouTube @BankingWithBilly.
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