'Uncertain' weather and a lack of disposable income are among the reasons behind a dip in trade for the Welsh tourism industry this summer.
Two in five (40%) Welsh businesses in the industry say they had fewer customers this summer than the same period last year.
A further 40% had the same level of custom, while one in five (20%) have seen an increase.
On balance, all four regions of Wales are down compared with last summer.
Of the businesses which noted a quieter season, 48% gave people lacking in disposable income as a reason, while 46% said the weather had an impact.
Other reasons listed included UK holidaymakers going abroad, strong competition, lack of tourists in the area and Welsh government policies.
The figures come after a report earlier this year found Wales lacked a "coherent brand" to attract visitors from overseas.
The latest industry data comes from the most recent Wales Tourism Business Barometer, where 902 tourism businesses were asked for their views.
The Welsh government's barometer is designed to provide an insight into how the tourism industry is performing at key points throughout the year.
The latest report focuses on the summer period.
The only sector to have seen visitor levels rise is the attractions sector, with nearly half (46%) seeing an increase.
All other sectors are down on balance, especially activity providers with 62% of businesses in the sector reporting a reduction on last summer.
Some operators say it is hard to predict how trade will fare later in the year due to a noticeable "last minute booking trend".
Tom Giffard, the Welsh Conservatives' shadow tourism minister, said the figures showed the Welsh government had "little to no ambition for our tourism industry".
"Today's figures coupled with this week's lacklustre hotel occupancy levels showing reductions across the board highlight Labour's failure to attract visitors to Wales post-COVID," he added.
"Only the Welsh Conservatives will cancel Labour's toxic tourism tax and unleash the sector with an alternative strategy."
Sky News has asked the Welsh government for its response.