Jan. 19, 2012 (China Knowledge) - China saw the market size of group buying reach RMB 23.7 billion in 2011, principally boosted by strong market demand, according to a report by Analysys International.
The country's group-buying market amounted to RMB 3.5 billion in the first quarter of last year, and the amount reached RMB 5.4 billion with a sequential increase of 54.3% in the second quarter.
In the third quarter of 2011, China's group-buying market grew 27.8% quarter on quarter to RMB 6.9 billion and stood at RMB 7.9 billion in the fourth quarter, reflecting a sequential increase of 14.5%.
Statistics from lingtuan.com, a group-buying site map in China, indicated that the country had 3,909 online group-buying portals at the end of 2011 and of the total portals, 1,968 websites were shut down in the previous year due to fierce competition.
juhuasuan.com, the group-buying platform of Taobao.com that is controlled by Alibaba.com Ltd<1688
>, topped China's group-buying market last year by revenue, followed by Lashou.com, meituan.com, 55tuan.com, manzuo.com, 58tuan and QQtuan, owned by Tencent Holdings Ltd<0700
>, sources reported.