This paper examines the determinants of visitors' expenditure behaviour at cultural events. The authors analyse visitors' expenditure at the micro-level, dividing it into expenditure on accommodation and expenditure on food and beverages. The explicative variables taken into account are socio-demographic, economic, psychological and trip–related attributes. An ad hoc survey was conducted on the three most famous Christmas markets in the north of Italy in December 2008 and 2009. To achieve their aims, the authors use the robust double-hurdle model. The results indicate that travel purpose, region of origin, perception of the event, length of stay and age are significant factors influencing both the propensity to spend and the amount of money actually spent during visits. The findings will provide destination managers and tourism businesses with practical knowledge useful for destination marketing, event development and customer service.