Watch out Black Friday: Singles Day in China has pulled in a tsunami of sales, recording billions in business just after the event began on Sunday morning China time and then hitting $30.8 billion by 24 hours in.
The e-commerce giant Alibaba Group (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report announced on Twitter by 8 a.m. China time that the self-loving holiday had "continued to roll fast and furiously overnight," and before 10:30 a.m. China time, the company claimed it hit $20 billion in gross sales. The event surpassed last year's record $25.3 billion of sales by late Sunday China time with hours still to go. By the end, Alibaba claimed $30.8 billion in total on a Twitter post.
Often compared to America's Cyber Monday and Black Friday, the unofficial Chinese commercial holiday started in 2009 so that singles could learn they really can find happiness by buying stuff (at least for a day).
While Alibaba gets the headlines for the event, other retailers who make big on the date include JD.com (JD) - Get JD.com, Inc. (JD) Report , which bills itself as China's largest retailer and the world's third largest Internet company, with partnerships with Tencent (TCEHY) , Walmart (WMT) - Get Walmart Inc. Report and Alphabet/Google (GOOG) - Get Alphabet Inc. Class C Report , (GOOGL) - Get Alphabet Inc. Class A Report .
Over the years, the event has come to eclipse Black Friday in terms of sales. Last year, Alibaba's Singles Day recorded more than $25 billion in sales -- several times the amount spent in America's post-Thanksgiving day shopping spree.:
But then again, China has a lot of people yet to hook up among its population of about 1.4 billion people. And in case you were wondering, Singles Day happens on Nov. 11 because when written out, Nov. 11 appears like a bunch of singles: "11/11."
(This article has been updated.)