The purpose of this study is to validly check the value expectation of regional festival participants to suggest a theoretical foundation and raise the need for practical application to help differentiation of regional brandification of festivals based on regional identity. Quantitative and qualitative surveys were conducted on Generation Z. The scope of regional festivals for this research was set to festivals that can easily be correlated to historical landmarks, historical sites, artifacts, and people. Research results show that the value expectation of Generation Z on festivals based on regional identity could be categorized into 8 perspectives and 16 value expectations. This suggests that in order for regional festivals to be based on regional identity and position themselves as differentiated brands in the long term, they must meet current and potential value expectations of the target groups by considering various perspectives. Furthermore, it shows that integrated and target-oriented festival planning, execution, and performance management must be pursued based on the identified classifications and factors.