I just read about a new report informing trend-watchers that “taste, convenience and health” continue to be the principal drivers behind today’s consumer food choices.

That “revelation” made me chuckle because it’s just so not news. Honestly, I can’t think of a time in recent years — at least in the post-depression era — that these pillars were not among the main drivers of food purchase decisions.

Going back 20 or 25 years, I conjure up no memories whatsoever of fellow shoppers clamoring for tasteless and unpalatable. Ditto for troublesome and time-consuming. And even in the days when U.S. consumers knew far less about the nutritional aspects of foods, I don’t recall any who searched purposely for heart attack-promoting entrées.

I think a more newsworthy driver in today’s recession-fearing environment is the hard-to-define, but oh-so-important concept of value. With everyday essentials — from food to fuel — devouring a larger portion of the paycheck, consumers are weighing food (and household goods) buying decisions more carefully.

According to a recent study performed by The Nielsen Company, Schaumburg, Ill., 60 percent of U.S. consumers say “good value” for the money is the most crucial consideration in choosing a grocery store. But what makes a retailer’s products a good value?

In my eyes, it’s all about finding the “sweet spot” — that point at which the product meets or exceeds quality expectations, but at a price that’s slightly less than one might expect.

It’s not about going for the cheapest option. A low-cost diaper with sub-par fasteners and minimal leak protection is not a good value. But a dark roast premium coffee in a keepsake decanter can be — if the price is right.

One great example that comes to my mind is the new Eating Right line of frozen entrées from Safeway. Intrigued by the line’s bright green-and-white packaging, the health benefits called out on the label and the relatively low price, I purchased a few at my local Dominick’s here in Chicagoland. They met or exceeded my taste, convenience and health expectations, and the assortment flaunts some interesting ethnic items. In my mind, definitely a good value — and a reason to go back.

Yet another great example is Kroger’s Active Lifestyle fat-free milk, which incorporates cholesterol-lowering plant sterols and is sold at a price point the company says is “on par” with its other store brand milk products. Something extra for practically nothing? Now that’s a good value.

And on the non-food side, Walgreens might have found a sweet spot with its Apothecary line of upscale skin care products. Featuring natural ingredients such as peach nut oil and shea butter, the products are definitely a good value for the indulgence-minded, but budget-conscious consumer.

In some ways, it’s similar to the post-Thanksgiving “Black Friday” phenomenon — where shoppers delight in getting more bang for their collective buck. And if your private label offerings communicate “good value” across enough categories, it just might be enough to make your store a must-shop destination.