China's e-commerce giant Alibaba says it broke its record for "Singles Day" on Wednesday, recording US$14.3 billion (91.2 billion RMB) in sales during the day-long shopping event.
At the halfway point of this year’s Singles Day, Alibaba had already surpassed the total amount it sold during last year's event, with more than US$10 billion in sales, the company said on its . Last year, Alibaba said consumers spent a record US$9.3 billion on Nov. 11.
In the first eight minutes of the sale on Wednesday, the company said it racked up US$1 billion worth of sales.
The day, which was initially celebrated by university students as a sort of "Anti-Valentine's Day" for those without a romantic partner, has quickly morphed into the biggest shopping day in the world.
Originally, singles in China would mark Nov. 11 by going out and celebrating their unattached status with others. However, over the years, the day has become increasingly associated with shopping.
Alibaba began referencing the day in its promotions in 2009 in a bid to increase business. Then in 2012, it successfully trademarked the term "Double-11," which many Chinese use to describe the holiday. This means that Alibaba has exclusive rights to use the term in its marketing and promotions.
Analysts said the move would be comparable to a North American retailer getting the exclusive rights to use the words "Valentine's Day" in its marketing.
