Alibaba's Singles' Day sale amassed 25 3 billion, doubling 2016 Black Friday and Cyber Monday sales combined

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Alibaba's Singles' Day sale amassed 25 3 billion, doubling 2016 Black Friday and Cyber Monday sales combined
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Alibaba reported that sales from Singles' Day amounted to $25.3 billion, a 40 percent jump from last year's figures. (The number did not take into account some sales that began earlier in the week in honor of the event.) Additionally, the retailer hit a record $18 billion in just 13 hours on Saturday, eclipsing last year's record of $17.8 billion in 24 hours. Market research experts say the massive growth is attributed to retailers competing for a share of consumer spending in China's growing economy. In comparison, US sales between Thanksgiving until Cyber Monday accounted for $12.8 billion in 2016.

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