In order to analyze and predict the effect of a festival on regional economy, understanding expenditure behaviors of festival participants has to be proceeded. Hence, this paper investigated the relationships between festival quality, perceived value, satisfaction, and loyalty. Expenditure, an essential component in analyzing economic effect of festivals, was applied as dependent variable. Data were collected from 465 questionnaires of festival visitors who participated in the 15th Yeongdeok snow-crab festival in Gyeongsangbuk-do. Results of the study are as follow. It showed that satisfaction of festival quality improved perceived value and overall satisfaction, and overall satisfaction and loyalty had direct contribution to the increase of tourists` expenditures. However, it revealed that festival quality and perceived value had not direct effect on expenditure, while they had indirect influence on expenditure being mediated by overall satisfaction and loyalty. The academic product of the study is to suggest a behavioral model of festival visitors which verified the relationships of the ``festival quality-perceived value-satisfaction-loyalty- expenditure``. Futhermore, it could provide festival marketers with a guideline to establish an effective strategy to increase expenditures of festival visitors on business level. Theoretical and practical implications were discussed on the basis of the results.