The Cordoba Guitar Festival is one of the most important cultural events in Spain. This article analyses the musical preferences, satisfaction, attitudinal loyalty and behavioural loyalty of spectators who attended the 36th festival held in July 2016, as well as the festival’s economic impact on the city. To achieve this aim, a structural equation model (SEM) was used. The results show the goodness-of-fit of the model and indicate that the observed data fit the expected dataset.