As governments in various countries and regions issue tourism-friendly policies in the post-pandemic period, the voices for tourism consumption recovery and innovative transformation have attracted great attention. Many scholars, experts and industry professionals in the field of festivals are actively exploring efficient solutions for festival marketing and sustainability. It is worth rethinking tourists’ consumption psychology and perceived image toward exiting festival products as well as the antecedents that affect festival loyalty. The Qingdao International Beer Festival, as one of the most influential festivals in China, was selected as the research case for this study. The main goal of this study was to investigate festival consumption promotion mechanism by proposing a conceptual framework in which the associations from destination familiarity and product familiarity to loyal intentions (re-patronage and recommendation) were examined, with mediators of overall festival image, perceived value and overall satisfaction. Furthermore, the moderating role of visitor involvement in the proposed framework was also adequately demonstrated. The research findings are expected to provide a significant reference for the recovery and competitiveness improvement of the entire festival industry.