This study investigates the impact of the first wave of the COVID-19 pandemic on the reduction of frequency of out-of-home activities among Swedes, and its relationship with Subjective Well-Being (SWB), including Life Satisfaction (LS) and Emotional Well-Being (EWB). A considerable decrease in attending cultural events, dining out, shopping, and social activities was observed and to a lesser extent walking and exercise. Reduction in walking and exercise, but none of the other activities, correlated negatively with both LS and EWB. Our study suggests that activity reductions may have similar effects on both dimensions of SWB, rather than the typical finding in previous studies suggesting a stronger influence on EWB. Age moderated the impact of physical activities, indicating that reductions in physical activities were primarily detrimental for older individuals. High Neuroticism was found to moderate the relationship between social activities and SWB, suggesting that decreases in social activities had a slightly negative effect on SWB for people high in Neuroticism.