Online shopping

Singles' Day shows how Alibaba has grown

Data: Renaissance Capital; Chart: Axios Visuals

Alibaba's Singles' Day delivered roughly $38.4 billion in sales Monday, 26% higher than the previous year's total.

The intrigue: The one-day Chinese festival, a corporate-created answer to Valentine's Day, recorded sales that were billions of dollars higher than the combined total expected from Thanksgiving, Black Friday and Cyber Monday shopping in the U.S., according to projections from Adobe Analytics.

Alibaba reports $13 billion in sales in first hour and two minutes of Singles' Day

Taylor Swift performs to start off Singles' Day.
Taylor Swift performs at the start of Singles Day. Photo: STR/AFP via Getty Images

Chinese e-commerce giant Alibaba Group reported on Monday that sales reached 91.2 billion yuan ($13 billion) within the first hour and two minutes of Singles' Day, an annual 24-hour shopping fest akin to Black Friday and Cyber Monday in the United States, according to Reuters.

Why it matters: Singles' Day is the world's largest online sales event. Last year, Alibaba reported $30 billion worth of Singles' Day sales, dwarfing the $7.9 billion of online sales for last year's Cyber Monday in the U.S.

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Editor's note: This story has been updated to reflect that the $13 billion was reached within the first hour and two minutes.