The primary objective of our study was to investigate the impact of extrinsic cues (specifically production method, origin, and nutrient content claim labels) on consumers’ willingness‐to‐pay (WTP) for processed foods (apple juice and salad mix). Data were collected using an experimental auction in combination with eye‐tracking analysis. Tobit models were used to analyze the data. We found that participants were willing to pay a premium for local or domestically produced apple juice. Organic production methods positively impacted participants’ WTP for both products. Additionally, results suggest that consumer visual attention increases for important product attributes that positively or negatively impact their WTP bids. Supply chain members (producers, processors, and retailers) can promote important product attributes using labels and in‐store promotions to give consumers additional information and influence their food selection preferences. In turn, these promotions may help supply chain members acquire additional customers and encourage healthy consumption patterns. [EconLit citations: D120, M310]