The increasing economic mobility and cultural change in India has increased the usage of new-luxury or masstige brands among existing aspiration middle-class people. The peculiarities of the Indian sociocultural context, which are based on spirituality, but gradually turn to materialism, however, form a unique consumption paradox. This paper will discuss the motivating factors behind the purchase intention of the new-luxury product through the Theory of Planned Behavior (TPB) and explore the function of materialism and religiosity as moderators of consumer choices. One of them was a quantitative survey carried out among 382 urban consumers of the Gen X, Y, and Z upper-middle classes with the previous experience of the new-luxury brands. Attitudes, subjective norms, perceived behavioral control, materialism, religiosity and purchase intention were measured using validated scales. SEM showed that intention was largely determined by all the TPB elements, and intention had a strong impact on the real behavior of acquiring luxury things. Materialism enhanced the intensity of attitude, the subjective norms, and the perceived behavioral control as positive to the intention, proving its motivation-enhancing function in consumption motivated by status. On the other hand, religiosity undermined the influence of the materialism and TPB antecedents on the intention, and this example demonstrates how this moderator can be used as a moral and value-driven factor. Such results pinpoint the two-fold impact of aspiration and spiritual restraint in the development of luxury attitudes in India. The research adds to the literature in TPB and luxury marketing by including value-based moderators and offers marketers the insight on how to formulate positioning approaches of a culturally sensitive nature. Discussed are implications that may be made on theory, managerial practice, and future research directions