This study conducted a directed qualitative content analysis on 2,056 customer reviews of 97 independent restaurants in the United States. The main purpose was to identify the salient consumption values and value attributes in the text and photographs of online reviews. The Theory of Consumption was used as the frame for the study.

The results revealed that functional value is the most salient value both in texts and photographs, and a comprehensive list of sub-attributes led to a new grouping of food-related aspects. Contrary to the expectation, photographs were relatively limited in terms of reflecting consumption values and attributes; however, branded products and logos are commonly captured in the photographs as a reflection of social value. Results also revealed that some of the attributes, such as nutrition value and food safety, were not observed in the reviews whereas some new topics such, as special occasions or food-beverage pairing, emerged.

The analysis of text also showed that customers tend to compare and evaluate their experience even after their dining experience with a reference to their previous experience in the same restaurant, another branch of a restaurant, or another restaurant, before making a decision. The value was named as reference value and was added to the consumption values within the independent restaurant context.

From the academic perspective, the study provided a basis for a dedicated scale development for consumption values for the user-generated content within the independent restaurant context. It also proposes a new aspect to the Theory of Consumption, a reference value based on customers’ ongoing evaluation and comparison with some references. In practice, the results are applicable for a variety of stakeholders, such as social media hosts and social media users, with restaurants being the main beneficiaries.