I saw something similar to this on Etsy and realised that it would be the perfect use of my pom pom maker which up until then was producing pom poms with no real purpose.
I used a length of pipe insulation (the grey stuff around the pipes in the loft) and Mr PC taped it into a circle for me. It was quite narrow so I decided to wrap some wadding around it to pad it out a bit. Then I used some fabric to cover it over so it was pretty on the back as well as the front.
I attached the ribbon first so that it was under the pom poms. Then I got glue happy and started sticking all my lovely green, red and white pom poms on! I used a hot glue gun to attach everything to the wreath but you could sew it if you prefer. For me, the glue was faster, and more fun too!
And there we have it, a modern take on the Christmas wreath! It is currently adorning the inside of my front door and it looks delightful, even if I do say so myself! And the best part is, it hardly cost a thing because I already had everything I needed and the wool was just £1.79 per ball and I estimate I used about two balls of each colour, so all in all it cost just over a tenner which is a total bargain :)
You could certainly make the pom poms in different colours for different holidays and events. And the wreaths could be all kinds of shapes, I think heart shaped would be nice for a wedding.