For $195, Etsy seller Schlabein will sell you this incredible LED Hula Hoop, which will allow you to swish a rainbow around your waist for up to 8 hours a charge. That may be worth the price if you're auditioning for Cirque du Soleil, but even I — flamboyant midnight hula hooper that I am — find it pretty steep. But if you're interested in a more basic model, Instructables can lead you through the process of building one for less than 20 bucks.
Also, full disclosure: I've stolen Technabob's pitch-perfect headline for this post. Full props to them! When discussing hula hoops, one can't improve on a Hudsucker Proxy reference.