New Delhi, Nov 11: E-commerce giant Alibaba on Saturday said that the company recorded a sale of $18 billion on Single’s Day this year. The sale of the singles day is as large as Black Friday and Cyber Monday combined in the United States. The performance of Alibaba raced past billion dollars in two minutes and surpassed $10 billion in an hour.

The event is organised on November 11 every year and shoppers across China on this day are given huge discounts. To help millions of customers, deliverymen and robots are deployed in huge numbers. Speaking to Reuters, Joseph Tsai, co-founder of Ali Baba said that the event is big for China and its economy.

As per Tsai, 300 million middle-class consumers are driving the online sales and it would continue. Reports suggest investors will closely watch the sales numbers. After the humungous sale, Alibaba’s co-founder and chairman Jack Ma hosted guests that included actress Nicole Kidman, singer Pharrell Williams and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing.

With the booming online market, the e-commerce sites in China are giving a stiff competition to shopkeepers. Besides this, such platforms in China are also looking to woo people abroad.

On November 11, each year, single’s day is celebrated in China to celebrate the fact that youngsters are singles. This festival has become the largest online shopping day in the world, with Alibaba’s sales at US$ 5.8 billion in 2013, US$ 9.3 billion in 2014, US$ 14.3 billion in 2015 and over US$ 17.8 billion last year.