While classic models of animal decision-making assume that individuals assess the absolute value of options, decades of research have shown that rewards are often evaluated relative to recent experience, creating incentive contrast effects. Contrast effects are often assumed to be purely sensory, yet consumer and experimental psychology tell us that label-based expectations can affect value perception in humans and rodents. However, this has rarely been tested in non-model systems. Bumblebees forage on a variety of flowers that vary in their signals and rewards and show contrast when rewards are lowered. We manipulated bees' expectations of stimulus quality, before downshifting the reward to induce incentive contrast. We found that contrast effects were not solely driven by experience with a better reward, but also influenced by experience with associated stimuli. While bees' initial response did not differ between treatments, individuals were faster to accept the lower-quality reward when it was paired with a novel stimulus. We explored the boundaries of these label-based expectations by testing bees along a stimulus gradient and found that expectations generalized to similar stimuli. Such reference-dependent evaluations may play an important role in bees' foraging choices, with the potential to impact floral evolution and plant community dynamics.