Group activities in activity feed by users and products
You need to group users by activity and product in the first step, and then group products by the groups of users.
I use ORDER BY with GROUP_CONCAT(), so that the aggregated usernames are concatenated in the same order.

SELECT x.usernames
      ,x.activity
      ,GROUP_CONCAT(p.product_name ORDER BY p.product_name) AS product_names
FROM   products p
JOIN  (
   SELECT a.activity
         ,a.productId
         ,GROUP_CONCAT(u.name ORDER BY u.name) AS usernames
   FROM   activities a
   LEFT   JOIN users u ON u.id = a.userId
   GROUP  BY 1, 2
   ) x ON x.productId = p.id
GROUP  BY 1, 2
ORDER  BY 1, 2;


-> sqlfiddle

Returns:

USERNAMES  | ACTIVITY   | PRODUCT_NAMES
-----------+------------+------------------------------
John       | Bought     | The Dark Knight Rises
John,Peter | Bought     | Batman Begins,The Dark Knight