Purpose: The purpose of this study is to provide a nuanced understanding of the marketing placebo effect (MPE) of products with reduced sugar labeling and how it forms certain perceptual underpins (perceived healthiness (PH) and perceived tastiness (PT)), with the potential effect of product category and social class in consideration. Design/methodology/approach: The proposed model is tested using a sample of 822 participants by employing partial least squares structural equation modeling (PLS-SEM). Hypothetical relationships among MPE, PH, PT, purchase intention (PI) and social class are examined for both hedonic and utilitarian products. Findings: The results highlight the positive role of MPE in leveraging consumer PI through the parallel mediation of PH and PT. The positive effect of MPE on PH and PT was more pronounced for the utilitarian product. In addition, social class negatively moderated the relationship between PH and PI only in the case of the utilitarian product. Originality/value: This paper contributed to the MPE literature in the food industry by challenging the conventional intuition of “Unhealthy = Tasty” and highlighting the potential of perceived food healthiness to positively influence perceived food tastiness under the effect of MPE. An upper social class would attenuate the positive effect of perceived food healthiness on PI.