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The group buying industry has come up with a code of conduct, but it doesn't appear to offer consumers much that they're not already entitled to by law.

Australians, it seems, have gravitated to group buying sites in increasing numbers in the tough economic times of late, as many of them deal with the reality of having less disposable income and are more cautious with their spending.

Market research firm Telsyte is forecasting boom times for Australia's fledgling online buying industry, but warns players to brace themselves for the entry of overseas giants Google and Groupon.