Cheese dips are an expanding category sold as ready to eat (RTE) in grocery stores or served hot in restaurants (RST). The purpose of this study was to determine key consumer attributes for cheese dips and evaluate if key drivers of purchase for cheese dips were distinct between grocery store or restaurant purchase. An online survey (n = 931) was conducted. Participants were asked two different sets of questions based on the location they most frequently purchased and consumed cheese dip in the past 6 months, at a restaurant (n = 480) or from a grocery store (n = 451). Consumers first evaluated psychographic and agree/disagree questions regarding cheese dip and then completed maximum difference exercises focused on color and other extrinsic cheese dip attributes. Finally, an adaptive choice-based conjoint was used to determine the relative importance of cheese dip attributes. Clustering of conjoint utility scores revealed differences in preference for spiciness, but similar preferences for other attributes within both consumer groups. RTE and RST consumers indicated that their ideal cheese dip was white in color, moderately thick, and of medium spiciness with small visible pepper pieces and jalapeno pepper flavor. For both consumer groups, spiciness was the most important characteristic of cheese dips, followed by package for RTE consumers and pepper flavor and consistency for RST consumers. Regardless of consumption context, consumers have similar ideal characteristics for cheese dips.