Craft and rides are growing in popularity and are also growing in demand in some markets, such as the US and Europe, according to the craft and amusement industry group CraftBiz.
The industry group reported the craft sector grew at a 5.2% annualized rate in 2017.
“Craft and rides have seen an unprecedented growth in popularity over the past two years,” CraftBizz said in a statement.
“Over the past year, craft and entertainment operators have seen a significant increase in new and expanded offerings from new vendors, with more than a million new rides, shows and shows on the market.
This is good news for all retailers, including Hobby Lobby, which is poised to continue its expansion and will see an even greater volume of new and expanding products this year.”
CraftBiza reported the average craft and specialty craft market in the US in 2017 was $2.06 billion, which was a 10.6% increase from 2016.
“With the continued increase in popularity of craft and arts, the industry is in an exciting position to expand its offerings, which will help drive demand for new and upcoming products,” the CraftBIZ said.
CraftBiz’s survey also noted that craft and craft businesses experienced a 12.5% increase in sales in 2017, compared to 2016.
“The overall craft and art market is expected to see growth of about 5% annually,” Craftbiz said.
“This growth in the craft industry is supported by a number of factors including a surge in interest in the industry, a strong consumer base, and strong competition from other industries.”
The craft industry has historically been dominated by family-owned businesses, including the craft-themed stores.
“Hobby Lobby is an excellent example of how craft and crafts can be part of the fabric of our local economy,” said Jim Hall, chief operating officer of CraftBizzy.
“As a craft and sportswear retailer, we are focused on growing our brand and providing consumers with a more compelling shopping experience than traditional stores.”
Craft and crafts also play a major role in the local community, said Hall.
“The craft and toy industry represents more than 70% of our total retail revenue and represents about 10% of the country’s total craft and hobby sales,” Hall said.
“A strong and growing craft and fun market will drive growth in both craft and toys and we’re committed to continuing to provide a diverse, fun, family-friendly experience at our stores,” he added.
Hall also noted the industry continues to see a decline in the percentage of adults who are women and minorities, and noted a decline of the number of men in the workforce.
According to the survey, craft, crafts and amusement are the two largest consumer segments of the US craft and sports market.
The craft and amuse business accounted for 26% of retail sales in 2016.
The craft, craft or hobby market is forecast to grow at a 6.5%, 5.5 and 4.5 percent annualized rates in 2017 and 2020, respectively.
The market is projected to be up 8.3% in 2018, 8.6%, 7.3%, 7% in 2019 and 7.2%, 7%.
“Our industry has seen unprecedented growth over the last two years.
Craft and amusement operators have witnessed a significant boost in new offerings from a number a new vendors and shows, and an even larger volume of newly expanding products,” Craftbiz said.