Festivals are mainly religious feasts organized to honour the memory of the saint to whom a local church is dedicated. The faithful often gather in the churchyard or other nearby open space to take part in festivities such as dancing, singing or eating. Trade fairs are outdoor markets set up during a religious festival for the sale of animals and produce. They are usually non-permanent affairs linked to a particular feast.

Although initially disapproved of by the Church Fathers as remnants of pagan religious feasts that promoted profiting and lax morals, festivals contributed to the growth of trade, particularly in provincial towns, by yielding significant economic benefits for both Church and State. Key factors in the holding of fairs were the trading power and geographic location of a town, and whether or not it had a port or a major road, as many people travelled from afar to buy or sell. Major fairs were those held in Thessaloniki on the feast of Agios Dememtrios , and in Trabzon on the feast of St. Eugene.

The duration of fairs was not fixed; they could last several days or only a few, depending on local demand. Nor was the venue predetermined, as on some occasions they were held in front of the church and on others outside the city walls. Open, level areas were preferred, affording merchants space to spread out their wares, which included utensils, fabrics, carpets, hides and animals (horses, cattle, sheep and pigs), and room for buyers to move with greater ease between the stalls. Areas outside the city walls were also preferred for safety reasons, as the visitors often included foreigners who might prove to be spies or enemies.

The fairground was central to the social life of inhabitants in the Byzantine Empire. The relaxed, pleasant atmosphere prevailing there gave those attending the chance to forget their problems, socialize and have fun. Entertainments included impromptu performances by mime artists and acrobats, and animal shows and parades. Also popular were jugglers and physically unusual individuals such as giants, dwarfs or conjoined twins, who were put on display in the streets and other public places.