The Wales Coastal path managed to attract three million tourists over the last year, with camping proving to be the most popular type of holiday for the visitors.
Beaufort Research and Cardiff Business School have confirmed that tourism generated off the back of the new walking route brought £32.3 million into the country's economy between October 2012 and September.
Starting at the River Dee in Flintshire and stretching 870 miles to reach Chepstow in the south, the path is the only one in the world that runs along a country's entire coastline without being broken up.
The route was opened to the public in 2012 following five years of development at the cost of just under £12 million.
Campsites in Wales have helped to host the millions of people travelling over to Wales to enjoy the route, with 41 per cent of trips including a stay in a campsite or caravan park.
Due to the increasing popularity of camping, the average cost for an overnight stay in Wales was just £57.20.
Visitors are predominantly male (56 per cent), with nearly half of these aged over 65.
Talking to itv.com, Culture & Sport minister John Griffiths commented: "The path is not only helping to raise the international profile of Wales but it is also growing the Welsh economy and bringing tourist spend and attracting new visitors to our coastal towns and villages."
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