This study examines the extent to which residents' perceptions and attitudes regarding a modern art festival influence their support for the event. Tourism events can affect residents' quality of life and lead to diverse levels of support among the local population. Few studies have used residents' social behavior as a variable. Exchange-based variables, such as the interaction between residents and visitors and their involvement in events, have rarely been employed in Social Exchange Theory-based research. The study identifies four clusters depending on diverse levels of exchange and support for a tourism event using exchange variables and the perceived regional revitalization, perceived impact of proximity, and support for continuing the event, as well as a variable for thought change which is specific to this study. Data were collected from residents of the twelve islands in the Seto Inland Sea of Japan where the art festival took place. The quantitative data was complemented by text-mining analysis to investigate the reasons for residents’ perceptions and attitudes.