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) 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).