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Alibaba's Singles Day 2018 Made Record-Breaking $30.8B In 1 Day

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Alibaba's Singles Day 2018 Made Record-Breaking $30.8B In 1 Day
Every year since 2009, Chinese retailer Alibaba has offered huge discounts at its various online platforms for "Singles Day" on Nov. 11.
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Chinese e-commerce firm Alibaba's Singles Day 2018 made a record-breaking $30.8 billion in just 24 hours.

Last year's record gross merchandise value was $25.3 billion. 

Every year since 2009, Alibaba has offered huge discounts at its online platforms for "Singles Day" on Nov. 11. The retail festival is also called "Double 11," and it celebrates people who aren't in relationships. Other online stores and brick-and-mortar businesses also participate. 

Sunday's festival started off strong with the gross merchandise value hitting $1 billion after only one minute and 25 seconds.

CNN reports Singles Day sales are regularly bigger than Black Friday and Cyber Monday combined. 

Additional reporting from Newsy affiliate CNN.