Is chess an expensive hobby?

Is chess indeed an expensive hobby, requiring substantial financial investment to engage in regularly? Or can one enjoy the game without breaking the bank, perhaps simply relying on a basic chess set and a few strategic books to hone their skills? Does the cost of participating in chess tournaments or leagues significantly impact the overall affordability of this pastime? Are there any hidden expenses or ongoing costs that enthusiasts should be aware of when considering taking up chess as a hobby?