Chinese Internet Group Buying Hits New High As Older Websites DieJuly 29, 2014 | Print | Comments | Category: Business, Internet
China's Internet group buying trading volume reached a new peak of CNY5.93 billion in June, representing a year-on-year increase of 127%.
Chinese independent group buying navigation website Tuan800.com recently published its Chinese group buying market statistics report for June 2014, which stated that 95.229 million people participated in group buying during the month, a year-on-year increase of 110%; and the number of group buying options available in the month reached 1.18 million, a year-on-year increase of 196%.
In addition, the report revealed that during the first half of 2014, China's group buying trading volume reached CNY29.43 billion. Though it set the record of best semi-annual performance again, the result did not meet expectations, which was CNY31.51 billion for the first half of 2014.
Among various group buying products, dining and hotels were the fastest growing sectors and they both realized 1.3 times increase over the same period of last year. During the first six months of 2014, the trading volume of the food and dining group buying was CNY16.66 billion, a net increase of CNY9.54 billion year-over-year; while the trading value of hotel group buying was CNY3.29 billion, a net increase of CNY1.83 billion.
The report showed that the trading value of the top five Chinese group buying websites accounted for over 99% of the total trading value and the number of group buying websites continued to decrease in the country. By June 2014, there were only 176 group buying websites left in China, which means the survival rate was only 3.5% since there were 5,058 such websites in August 2011.
Image Credit: elwynn
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