While consumers are increasingly interested in the ethical characteristics of food products, market shares of these products remains low. So far, not much research has been directed towards the efficacy of labels. Using incentive compatible stated choice experiments in a natural consumer environment, we show that dispersion exists between the explicit value of a fair trade label and the implicit values attached to the underlying characteristics of the label. Our findings thus imply that linking the fair trade label closer with peoples’ values provides opportunities to expand the fair trade market.