Consumers’ perception of the region of origin represents a critical issue for building a valuable and sustainable business in the wine sector. The aim of this study is to investigate the role of the region of origin in Italian sparkling wines, comparing consumers’ perception of emerging wines with a designation of origin in regions not traditionally associated with sparkling wine production (Abruzzo and Romagna), with an affirmed brand (Prosecco) and with generic Italian sparkling wine. The three most important markets for Italian sparkling wines (Italy, the USA, and the UK) are considered. The importance of the region of origin is analyzed within a set of wine attributes, including color and sugar content, applying the conjoint analysis technique to simulate realistic market conditions, offering multiple options for wine attributes. There is no cumulative effect of the perception of wines with a Protected Designation of Origin in the three markets since consumers who positively perceive a specific designation do not extend this positive perception to others in comparison with generic sparkling wine. Positive and negative utilities associated with each designation of origin are calculated and used to discriminate consumers according to socio-demographic variables, consumers’ behavior, and attitudes.