November 11th is Singles' Day in China, and also the day of the world's biggest online shopping bonanza.
Smashing last year's record of 30.8 billion dollars, Alibaba, China's biggest e-commerce company set a new record on Monday, logging an astonishing 38-billion dollars in sales.
"Based on Alibaba's commercial operation system, our Singles' Day offered a festival to brands, vendors and buyers. We hope Singles' Day can drive the domestic consumption in China and keep activating the transformation and upgrading of China's economy."
However, the on-year increase of about 25-percent is slightly lower than the rate of growth Alibaba recorded in 2018, when the company reported a 27-percent jump.
Analysts say the slightly weaker growth this year comes amid China's slowing economy and Beijing's trade war with the United States.
Singles' Day is also an opportunity for South Korean companies as the Chinese market is home to 1.3 billion consumers.
A considerable amount of South Korean companies record sales higher than their annual sales on Singles' Day alone.
K-beauty, which is popular in China, have helped sales of Korean cosmetic brands such as Amore Pacific, LG Household & Health Care and Aekyung explode.
For the second straight year, South Korea was third among foreign countries to have sold the most goods on Singles' Day.
From midnight on Monday to 1AM the following day, 84 South Korean companies enjoyed combined sales of over 14-million dollars.
South Korean companies only trailed U.S. and Japanese firms in terms of sales.
South Korea first made the top 3 in 2016, however
tensions between Seoul and Beijing over South Korea's deployment of the THAAD missile defense system saw the country slump to fifth in 2017.
Lee Seung-jae, Arirang News.