I recently found an article onEntrepreneour online about crafting being a silver-lining in a bad economy. Dated March 2009, much of it is still very relevant. The article specifically mentions green crafting, scrapbooking, sewing and child crafts.
Many of my arts and crafts buddies are still erring on the side of caution when it comes to buying raw materials - basically, looking for existing inventory items that can be modified to work in new projects. I know I have really cut back too. Used to be if I saw a great price on some gemstones, even if I didn't particularly need them, I would purchase them for potential future use.

