Michaels is lowering prices to keep cautious shoppers coming in, as inflation and higher gas prices make consumers more selective with their spending.
They’re also trying to grab market share fast now that Party City and Joann Fabrics have largely faded from the scene.
Shoppers can save even more by stacking Michaels coupons on top of these newly lowered prices.
Michaels is cutting prices on more than 3,000 items, continuing a broader push to win over shoppers who are increasingly focused on value.
On the surface, it looks like a win for consumers. And it is. But the bigger story is why this is happening now. Understand that and you’ll see where the real money-saving opportunities come in.
What products will have lower prices?
Michaels is lowering the price on basic arts and crafts stuff, The Party Shop, The Knit & Sew Shop, DIY, and home décor products.
The average price reduction is around 10% off the original price. Not a huge reduction, but in an economy where prices only seem to be trending upward, it serves as a nice price break for shoppers.
Shoppers are pulling back (even higher-income ones)
Consumers across the board are getting more cautious. Rising gas prices and ongoing inflation are forcing households to rethink spending, especially on “non-essentials” like crafts, décor, and party supplies.
Even wealthier shoppers are buying less, trading down, and hunting for deals.
The bottom line is that Michaels is lowering prices to stay relevant in a more budget-conscious environment.
They’re trying to grab market share (fast)
With Party City closing most stores, and Joann Fabrics disappearing, Michaels sees a huge opportunity to take major market share.
Fewer competitors mean:
- More potential customers.
- More demand for party supplies and crafting.
- A chance to become the default store in this category.
Lower prices are a strategic move to pull those shoppers in now before they settle into other shopping habits (like Hobby Lobby, Walmart, or Amazon).
How shoppers can take advantage
In addition to these new price drops, there are four other ways shoppers can take full advantage of Michaels' offerings.
1. Target everyday essentials first.
The best deals are on items Michaels wants to reposition as “value buys.”
Think of the following products:
- Paint and craft supplies
- Home décor
- Party goods
These items are now priced closer to competitors, making Michaels a more viable option.
2. Stack coupons on top of new lower prices.
Even with price cuts, Michaels still pushes their coupons hard.
That means you can:
- Combine lower base prices + 20% off coupons.
- Use 30%–50% off single-item deals.
Your best bet to find their coupons is via their app and website. As of this writing, their website is pushing a coupon for 30% off any one regular-priced item, valid both online and in-store.
3. Be strategic with timing.
Keep in mind that these 3,000 price cuts don’t replace their seasonal clearance cycles. But they absolutely do stack on top of them.
So, if you can, wait for a clearance sale (50–80% off), then apply a coupon if allowed. That’s where your peak savings happen.
4. Use Michaels for what it does best.
Even without these new lower prices, Michaels shines in these categories:
- Unique craft items
- Specialty décor
- Party customization
I think it’s smart to skip the “basic items” you can get cheaper at Walmart, and instead focus on items where Michaels has better selection and quality.