May. 4, 2012 (China Knowledge) - China saw the turnover of group-buying market total a record RMB 1.73 billion in March, more than the previous highest of RMB 1.58 billion in last December, according to statistics released by tuan800.com, a leading group-buying site map in China.
The turnover for March was also 18.5% more than that of February.
However, 357 online group-buying portals withdrew from the group-buying market in March principally due to fierce competition, more than 164 websites closed in February.
The gap between Chinese group-buying websites has been expanding because each turnover of three leading portals, comprising meituan.com, lashou.com and 55tuan.com, increased from RMB 200 million to more than RMB 250 million in March. Shanghai
topped the Chinese cities by group-buying turnover of RMB 157.73 million in March, followed by Beijing
’s RMB 137.08 million, Guangzhou
’s RMB 76.4 million, Shenzhen
’s RMB 68.74 million and Chengdu
’s RMB 64.75 million.
In the first quarter of this year, the country's group-buying turnover amounted to RMB 4.51 billion, accounting for 41% of the total turnover last year or surging 234.1% from a quarter earlier.
In 2011, China's turnover in group-buying market stood at RMB 11 billion.