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Sales surge on group buying sites

(Global Times)

08:25, April 26, 2012

According to a recent report from group buying information portal tuan800.com, the total sales turnover in the group buying industry reached 1.73 billion yuan ($274 million) in March, up 236.2 percent year-on-year, a record high. Total group buying turnover during the first quarter reached 4.51 billion yuan, up 234.1 percent year-on-year.

But while sales growth skyrockets, the group buying industry as a whole is becoming more consolidated. During March, 357 group buying websites closed or restructured.

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