B.C.
These kits have been popular for awhile.
http://www.amazon.com/Shimmer-Sparkle-Cra-Z-Loom-Bracelet...
I've never got a bead kit for anyone unless I really don't like their parents.
The beads get EVERYWHERE - they bounce, are hard to handle (and thread), kids eat them - and some kids get bored with them quickly.
I'd be careful especially as many 5 yr olds don't have the manual dexterity to work with them very well and they'll get very frustrated.
When they can write well (like 7 or 8 yrs old) THEN they are ready for beads.
At least with the little rubber bands, they aren't as bad as beads.
Kids learn to make bracelets quickly with them.