Recently, a number of papers draw upon ideas from sexual selection and costly signaling theory to argue that conspicuous consumption has evolved as a sexually selected mating strategy. I outline what are considered to be the criteria for arguing that a trait is the outcome of sexual selection and I explore whether conspicuous consumption is sexual adaptation. Though I share the insight that evolutionary theory can contribute to our understanding of consumption behavior, I argue that existing evolutionary explanations of conspicuous consumption do not examine human evolved psychology and available evidence about past environments. I further argue that cultural evolution theory provides an alternative explanation of conspicuous consumption in modern environments. In particular, conspicuous consumption is understood as a pattern of behavior marked by specific social learning mechanisms. Such an approach reflects the analytical tools of cultural evolution theory and provides a classification of cognitive factors involved in consumption choices.