Recent developments in the Indian luxury market suggest a discernible shift in consumer attitudes towards indigenous luxury brands. Although luxury consumption has traditionally been strongly influenced by country-of-origin effects, this dominance appears to be gradually weakening. Against this backdrop, the present study examines how brand perception, individual vanity and ethnocentric tendencies influence purchase intention towards homegrown luxury brands in India. Data were collected through a structured questionnaire administered to 204 high-net-worth consumers associated with a prominent luxury fashion retailer. The results reveal a positive inclination towards Indian luxury labels, with brand perception and ethnocentric sentiment emerging as significant predictors of purchase intention. A stronger inclination towards domestic luxury consumption is observed among aspirational middle-class consumers, particularly those oriented towards masstige offerings. These findings advocate for luxury brands from emerging economies to capitalise on regional strengths and economic alliances to enhance their competitive positioning against established global players. The study extends existing research on luxury consumption and offers meaningful insights for marketers, brand strategists, policymakers and academia.