Keeping up with the millennials

The report says India's millennial population is the largest in the world at 400 million and its spending power is expected to reach $330 billion by 2020. The survey also makes comparisons to trends in China when the country was at a similar stage of development.

The report points out that online spend as a percentage of per capita income was 14% in 2015 in India versus 7% in China in 2007 when the number of online shoppers was the same, helping the argument that India could be the fastest growing internet market globally.