SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
Zhao Yun/VCG via Getty Images
SHANGHAI, CHINA - SEPTEMBER 17: Alibaba Chairman Jack Ma speaks during the opening ceremony of the 2018 World Artificial Intelligence Conference at West Bund on September 17, 2018 in Shanghai, China. The 2018 World Artificial Intelligence Conference is held on September 17-19 in Shanghai. (Photo by Zhao Yun/VCG via Getty Images)
Now playing
03:02
How Jack Ma changed China
Now playing
02:55
Surgeon general issues warning about sharing health information on social media
CNN
Now playing
04:18
Cooper: Ignoring Trump, as tempting as it may be, isn't option
A person uses Windows software
Shutterstock
A person uses Windows software
Now playing
00:53
Microsoft urges Windows users to install update
Staff enter the headquarters of information technology firm Kaseya in Miami, Florida, U.S., in an undated still image from video. Kaseya/Handout via REUTERS NO RESALES. NO ARCHIVES. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.
Kaseya via Reuters
Staff enter the headquarters of information technology firm Kaseya in Miami, Florida, U.S., in an undated still image from video. Kaseya/Handout via REUTERS NO RESALES. NO ARCHIVES. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY.
Now playing
01:41
Kaseya: The massive ransomware attack compromised up to 1,500 businesses
Getty Images
Now playing
02:43
Websites and apps go down during massive outage
Messaging in iOS 15.
Apple
Messaging in iOS 15.
Now playing
01:34
FaceTime. IDs. Do Not Disturb. See Apple's latest updates
Clockwork
Now playing
02:20
Robot manicure really 'nails it'
Avengers Campus at Disney California Adventure Park in Anaheim, California, invites guests of all ages into a new land where they can sling webs on the first Disney ride-through attraction to feature Spider-Man. The immersive land also presents multiple heroic encounters with Avengers and their allies, like Iron Man, Black Panther, Black Widow and more. At Pym Test Kitchen, food scientists will utilize Ant-Man and The WaspÕs shrinking and growing technology to serve up perfectly sized snacks. (Christian Thompson/Disneyland Resort)
DISNEY
Avengers Campus at Disney California Adventure Park in Anaheim, California, invites guests of all ages into a new land where they can sling webs on the first Disney ride-through attraction to feature Spider-Man. The immersive land also presents multiple heroic encounters with Avengers and their allies, like Iron Man, Black Panther, Black Widow and more. At Pym Test Kitchen, food scientists will utilize Ant-Man and The WaspÕs shrinking and growing technology to serve up perfectly sized snacks. (Christian Thompson/Disneyland Resort)
Now playing
01:46
Disney unveils one of its most innovative attractions
Now playing
05:37
Novogratz: Sports will make NFTs broadly accessible
Courtesy AirlingRatings.com
Now playing
02:45
Delta Air Lines prepares 'connected cabins' for post-pandemic flights
Florida Gov. Ron DeSantis, center, gives his opening remarks flanked by local state delegation members prior to signing legislation that seeks to punish social media platforms that remove conservative ideas from their sites, inside Florida International University's MARC building in Miami on Monday, May 24, 2021. (Carl Juste/Miami Herald via AP)
Carl Juste/Miami Herald/AP
Florida Gov. Ron DeSantis, center, gives his opening remarks flanked by local state delegation members prior to signing legislation that seeks to punish social media platforms that remove conservative ideas from their sites, inside Florida International University's MARC building in Miami on Monday, May 24, 2021. (Carl Juste/Miami Herald via AP)
Now playing
01:07
Florida governor signs bill targeting social media platforms
Now playing
03:03
This company is making drone delivery a reality
Now playing
05:21
Inside the logistics system behind Alibaba
YouTube/Joel Johnson
Now playing
01:46
Watch self-driving car struggle to understand traffic cones
Boston-based REGENT's "seaglider" is a mix between a boat and an aircraft with a top speed of 180 mph.
REGENT
Boston-based REGENT's "seaglider" is a mix between a boat and an aircraft with a top speed of 180 mph.
Now playing
01:00
It's a boat? It's a plane? No, it's a 'seaglider.' And it goes fast...really fast
Hong Kong CNN Business —  

Alibaba smashed its record for the online retail blitz known as Singles Day.

China’s biggest e-commerce company said sales topped $30 billion over a 24-hour period Sunday, soaring past last year’s record of about $24 billion.

The shopping extravanganza regularly racks up bigger sales than Black Friday and Cyber Monday combined. But this year’s Singles Day comes as Alibaba’s (BABA) growth is coming under pressure from China’s slowing economy, new rivals in the e-commerce industry and the trade war with the United States.

The final tally on Alibaba platforms rang in at $30,802,477,608, an increase of about 27% over last year’s total at current exchange rates. That’s less spectacular than the 40% growth recorded in 2017.

A slowdown was expected “given that they have had exponential growth in the past,” Xiaofeng Wang, an analyst with research firm Forrester, said ahead of the event. “As the festival matures and becomes more established, we can expect the growth rate to slow down.”

Singles Day is an informal holiday in China celebrating people not in relationships. Its date — November 11, or 11/11— is meant to symbolize singletons.

Alibaba started offering Singles Day discounts in 2009 and has since turned the day into a 24-hour bonanza of online shopping in China.

Other Chinese e-commerce platforms like JD.com and regular brick-and-mortar stores also take part, and the event is starting to gain traction outside China. Alibaba’s Southeast Asia subsidiary Lazada will offer Singles Day discounts in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

But the Singles Day event in China is by far the splashiest.

International companies flock to Alibaba’s celebrity-studded live telecast and its various online platforms, eager to hawk everything from liquor to sports cars.

Imported goods make up a significant amount of sales. A recent survey from research firm Oliver Wyman found that 57% of consumers expect to buy overseas goods during the event.

Japan, the United States and South Korea were the top three countries from which Singles Day shoppers bought products this year.

The United States remained in the No. 2 spot despite the trade war that broke out between the Trump administration and Beijing this year. Alibaba Executive Chairman Jack Ma said in September that the conflict with China’s largest trade partner is hurting the company’s business.

But on Singles Day, Alibaba executives played down concerns about the heavy tariffs that the two countries have imposed on each other, emphasizing that the company will continue to benefit from China’s growing middle class.

“That trend is not going to stop, trade war or no trade war,” Alibaba Executive Vice Chairman Joe Tsai said in a company blog post.