As the Indian middle class continues to expand, Moët Hennessy is capitalising. It's creating a new line of sparkling wines made from Indian grapes that embody both affordable luxury and the country’s proud heritage.

From Armani to Chanel and Ermenegildo Zegna to Vacheron Constantin, luxury has come to India. But it's not just about apparel, watches and wine. People are buying into fine dining, concierge services and yachts too. But what behaviour shifts are driving this?

Given its per capita GDP and number of high net worth individuals, analysts estimate that India's luxury market could be up to 150% larger than it is now. Can an understanding of the unique Indian mindset help unlock its full potential?

The number of High Net-worth Individuals in India shot up by 22% in 2012. In response, insurance companies have started selling cover for personal possessions such as clothes, shoes and bags - the collective value of which can equal the price of a small apartment.