Alibaba's Singles’ Day sales top $74.1B

Alibaba Group said on Thursday goods worth $74.1 billion were sold through its platforms during an 11-day campaign specially organized for Singles' Day.

That figure nearly doubled last year's $38.4 billion. The figures were $30.8, $25.3 and $18.1 billion on the same days of 2018, 2017 and 2016 respectively, according to the company's statement

Their online order taking program recorded over 2.3 billion transactions for 11 days, while 583,000 orders were received per second when the order density was at its peak.

Alibaba started offering Singles' Day discounts in 2009 and the event has become a bonanza of online shopping. The value of the shopping was only $8 million in its first year.

More than 80% of online shopping in China occurs on the Alibaba website. Singles' Day celebrations began as a special day celebrated among university students in China in the 1990s.

There is a consumption frenzy in China thanks to the discounts and campaigns held on some special days, including Singles' Day, every year.

Singles' Day regularly overcomes bigger sales than Black Friday and Cyber Monday combined.