In the mid-1980s, forest bathing was established in Japan to improve citizens’ physical and mental health. In the literature, many studies have investigated the role of forest bathing in decreasing people’s stress and anxiety as well as in reducing hypertension and coronary artery disease. Forest bathing is also a practice with important social and economic implications at a local level. This study investigated the economic value of forest bathing in a case study in northern Italy (i.e., the Parco del Respiro, in Trentino-Alto Adige) using the Zonal Travel Cost Method. To achieve this aim, 243 forest bathers in the study area were interviewed in the summer of 2022. The findings highlighted that an actively managed forest with an average–low amount of deadwood and clean open areas is the scenario preferred by participants. In addition, the results of the Zonal Travel Cost Method showed a relevant annual consumer surplus of EUR 8700 for the forest bathing activity in the study area, corresponding to EUR 35.80 per visit per person.