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This study examines the direct and indirect relationships among brand awareness, perceived value, and behavioral intention in cultural heritage based on a festival event setting. In order to achieve this, a total of 280 valid questionnaires were analyzed by conducting a survey of participants at the Cheongju Culture Night. As a result of the analysis, brand awareness showed a big difference between tangible and intangible cultural heritage. In addition, the perceived value of cultural heritage utilization was found to be multidimensional, including cognitive, functional, and emotional. It was also found that brand awareness of tangible cultural heritage significantly affected all perceived values, while brand awareness of intangible cultural heritage had a significant effect only on cognitive value. However, both brand awareness and the perceived value of tangible and intangible cultural heritage significantly affected behavioral intention. Moreover, while perceived functional and emotional values showed indirect effects on the relationship between brand awareness of tangible cultural heritage and behavioral intention, all perceived values were found to have no indirect effect on the relationship between brand awareness of intangible cultural heritage and behavioral intention. These results imply that multidimensional perceived values in the festival event settings could have a different indirect effect on behavioral intention depending on the brand awareness of tangible and intangible cultural heritage. The findings of this study also imply that practical policies and publicity to raise brand awareness of tangible and intangible cultural heritage are required to induce positive behavioral intentions.