The purpose of this study was to understand the behavior of bakery consumers as well as their purchase decision process. A survey was carried out in two stages. The first was a qualitative approach, based in interview involving 10 proprietors and/or managers of bakeries and 10 consumers based in Belo Horizonte, State of Minas Gerais, Brazil. The second stage consisted of a quantitative and descriptive characterization. A survey was also performed involving 465 bakery consumers. Results show that consumers attend bakeries mostly to buy perishable food or food for immediate consumption. Besides, the consumers demonstrated positive mental associations about bread, bakeries and baked products, including those produced by other companies than bakeries. In addition, consumers are not willing to pay more for baked products than for products from other industries, although they have been showing preference for baked products. This preference was based on the following parameters: a) minimum or basic attributes; b) differentiating attributes for the general public and; c) differentiating attributes for specific publics. Therefore, the work includes various management and academic implications.