I used a selection of snowflake shaped dies and a deer.
The Spellbinder one I got second hand and I don't know the name, The Joy craft one is 6002/2053 and it's at least one year old, maybe more, might not be available anymore and the deer were from Yvonne creations (YCD10029) and it's not about which item I used, It's about digging through your own stash and seeing what might work.
I used holographic card, I was tempted by the glitter paper, but it's too thin and wobbly and you'd have to mount it to card first.
Crafter's companion has released a line of glitter cardstock, that is nice and sturdy, i only have their black and fuchsia, so not very Christmassy.
I diecut two of each shape , in different colors, but you could use the same on both sides, I thought it would be funny if they twist and turn on the tree and they change.
Also might be easier to use up scraps.
To hang them I added a bit of gold Lurex "wool" and glued it to the two sides first, then added dots of glue on one of the diecuts and stuck them together.
you can use ribbon or baker's twine, but if the ribbon is wider than the diecut, it looks weird to me and bakers twine might be too bulky, fishing line or nylon jewelry line could also be a possibility.