How are people spending their 5-to-9 after their 9-to-5? Hobbies like knitting, sewing, needlepointing, gardening, and baking are making a comeback, with the craft and hobby market projected to reach $74.3 billion in revenue by 2033.¹ These hands-on activities are taking off among younger generations, particularly Gen Z and Millennial women.

In recent months, countless Americans have taken to social media to share their “grandma hobbies” – a term of endearment prescribed for activities typically thought of as “old-fashioned.”²

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What’s driving the hands-on hobby resurgence? Some point to the so-called “slow living” trend — a social media movement aimed at embracing the present and romanticizing everyday moments, whether making a homemade meal or practicing mindful hobbies, like reading or gardening.³

But taking on one of these cozy pastimes is doing more than making Americans’ social media feeds more aesthetically pleasing — research suggests that these slow, creative hobbies can improve mental and emotional well-being.⁴ One study found that frequent knitters often report feeling calmer, less stressed, and more uplifted; another highlighted that home gardening gave participants a level of happiness and satisfaction comparable to activities like biking, walking, or dining out.^5,6

Read more: More Americans embrace slow travel

The cost of getting crafty

Nine in 10 Gen Z and Millennials say they’re craving more creative time with friends, and seven in 10 would rather craft than go out to dinner.⁷ But is staying in saving cash?

Prices on a range of hobby-related products — from sewing machines and fabric to books and photography equipment — fell as much as 1.9% year-over-year in March, according to the latest Consumer Price Index.⁸ Eating out, on the other hand, rose 3.8% over the same period.⁹

Read more: Bookstores are turning the page

Still, taking on a new hobby doesn’t come without expense. More than half of Americans say they make occasional hobby-related purchases, while 38% report doing so often.¹⁰

Americans spend $3,635 annually on entertainment according to the U.S. Bureau of Labor Statistics’ most recent data.¹¹ This broad category covers a range of expenses that people consider hobbies, as well as tickets and pets.

Millennials and Gen Z are more likely than older generations to make spending on a hobby or nonessential purchases a priority, noting that being able to pursue a hobby allows them to feel financially secure.¹²