Jack Ma, China’s version of Jeff Bezos and the founder of ecommerce platform Alibaba, saw his company set a global record for online sales in a single day. According to a report from Bloomberg, Alibaba’s Singles Day promotion—an annual event that takes place on November 11 each year—generated 168.2 billion yuan ($25.3 billion) in sales.
By comparison, the Black Friday to Cyber Monday holiday shopping weekend last year brought in an estimated $12.8 billion in online sales in the U.S.
The day is a “celebration” of single people who are encouraged to spend a little dough on themselves, all while saving lots with Black Friday-esque sales. The date (11-11) is significant because of its relation to singles—it’s made up of all ones. But the sales can be found on everything from major appliances, to smartphones, to food products.