Concern about the environmental impacts of consumption has drawn research attention tothe drivers of conspicuous and luxury (C/L) consumption. Given the prevailing patterns ofoverconsumption, most studies to date have focused on countries in the global North.However, an emerging high-consuming middle and upper class in nations such as India andBrazil makes it imperative to extend the study of C/L consumption to these contexts.Research that does exist pertaining to India has predominantly focused only on the role ofsocial identity in driving consumption growth among certain groups. Our study proposes abroader conceptual framework, incorporating a variety of possible factors and applyingmultivariate statistical analysis to household-expenditure data from the India HumanDevelopment Survey. We examine how C/L consumption expenditure is correlated not justwith the economic ability to consume (income or wealth) but also with potential socio-psy-chological drivers and moderators. The results show that while the economic ability to con-sume (income or its proxy) is an enabling factor, mass-media exposure and social networkactivity appear to influence C/L consumption positively. Education and caste have moremixed relationships with consumption, and interaction effects between these two variablesand economic ability to consume are also significant. The results highlight the importanceof socio-psychological factors in shaping consumption decisions beyond the enabling role ofincome and wealth. Improving understanding of this broader set of factors, as well as theirinteraction effects, is particularly salient for devising better policies for transitioning towardmore sustainable consumption patterns in a large developing country such as India.