Consumers are paying more and more attention to ethical and social criteria during grocery shopping. As a result, Fair Trade products which are certified to address global supply chain issues (e.g., forced labor, working conditions, fair pay), are gaining popularity. However, it is unclear to which extent Fair Trade labels might influence how consumers perceive such labelled food products. The aim of this research was to examine the potential effect of Fair Trade labels on several measurements (overall liking, sensory profiling, emotions, willingness-to-pay and kCal estimations). Furthermore, tests were carried out at a sensory lab and at home to examine if the evaluation context might impact the label effect. In total, 179 consumers participated in this study of which 90 carried out the test in the sensory test facilities (central location test—CLT) and 89 at home (home-use-test—HUT). Participants evaluated three pairs of food products (nuts, juice and chocolate) of which one was labelled as conventional and the other one as Fair Trade. However, participants were each time evaluating the same Fair Trade product. Results showed that the Fair Trade label increased the overall liking. For the juice and chocolate, a higher willingness-to-pay was found when the product was labelled as ‘Fair Trade’ while no effect of the label was established for the nuts. The Fair Trade label did not affect the kcal estimation of the samples. The Fair Trade label had a rather limited influence on the sensory and emotional profiling of the food products. Furthermore, the results of the CLT and HUT were highly similar indicating that the evaluation context has little impact on the labelling effect.