Look at how cute it is! I can't wait for Macy to play with it!
Everything is felt so this project was cheap. It would be even cheaper if you waited for the felt to go on super sale. The idea is to hang the tree on the wall using tacks or command strips and since felt sticks to itself, Macy can take the presents, bows, lights, and ornaments off and decorate the tree to her little hearts content. We hand cut everything ourselves so this project is very customize-able.
If you want to make one this is what we used:
1 yd of felt (3/4 yard would have been plenty)
1/4 yard of each accent color (plenty here too to add designs to ornaments, lights, etc)
We split it all between the two of us. Purchased on the bolt at JoAnn's. If you're doing it alone I think the minimum 6" cut of each color would be enough.