Let me just say I love this basket! It is so cute but the best thing at least to me is that it is easy to make.
Scraps of fabric, cut in squares ( I bet you could use heavy scrapbook paper)
glue or Modge Podge
Instructions: Blow up the balloon. Draw a line on the larger end (top) of the balloon based on how deep you want your basket. Glue on fabric scraps so they overlap slightly. Do not leave any gaps. Cut the top of the fabric with a layer of glue. Be sure to cover completely. Let dry overnight or longer. Pop the balloon and remove. Add ribbon.
You can check out the complete tutorial at I can teach my child!
Alternative: I have made this by dipping yarn in glue and wrapping it around the balloon.