China’s biggest e-commerce company Alibaba made $30 billion over a 24-hour period on Sunday.The day themed Singles Day by the e-commerce giant surpassed its previous record of $24 billion a 27% increase from last year’s profit .The shopping extravaganza regularly racks up bigger sales than its Black Friday and Cyber Monday combined.
Singles Day is an informal holiday in China celebrating people not in relationships. Its date November 11 is meant to symbolize self-love and appreciation for those not in relationships. Alibaba started offering Singles Day discounts in 2009 and has since turned the day into a 24-hour bonanza. China,Japan, America and South Korea were the top three countries from which Singles Day shoppers bought products from the e-commerce giant.
The United States remained in the No. 2 spot despite the trade war that broke out between Trump and Beijing that saw heavy tariffs imposed on each other.However experts say that Alibaba will still continue benefiting from China’s growing middle class in spite of the fact that China’s largest trade partner is hurting the company’s business.