Yes, I think that cultural events are important in people's life = lives.

People can have many good feelings such as exciting = excitement and hapiness when they participate in any events. The majority of people live in the same routine, and they don't have many opportunities to have experience to do something exciting. By participating in cultural events, they can reduce their stress and feel good in their life.
I participated in cultural event held in my community this summer. It was an event for introducing Suwon to others.