Chinese e-commerce giants Alibaba and JD.com reported that a total of more than US$55 billion ($80 billion) in sales on Monday through Singles Day, an annual marketing event that is the world's busiest online shopping day.

The volume of sales that day, which seems to have reached a new high in the 11th year is a temporary easing of retailers temporarily facing declining demand as Chinese consumers are constrained by slowing economic growth and tariff wars with Washington.

The so-called “11.11 Global Shopping Festival” held on November 11th each year has now surpassed the sum of “Black Friday” and “Cyber ​​Monday” in the United States.

It was originally called "Single Day" because 11.11 is similar to four "single sticks" (a Chinese term used to refer to a bachelor).

Alibaba reported that sales reached $1 billion ($1.5 billion) in just 68 seconds and broke the $30 billion mark at 4.31 pm local time.