'Singles Day' sets sales record in China

Online retail giant, The Alibaba Group, set a new sales record on China's biggest shopping day.

It says it brought in about $30.8 billion in sales yesterday on this year's "Singles Day" that's well above last year's record of $24 billion.

"Singles Day" is an informal holiday to celebrate being single and it's always on Nov. 11.

It started in China in the 90's.

But even though Alibaba racked up sales there was a big slowdown in growth of sales.

In 2017, sales grew by 40 percent.

This year's growth was up by just 27 percent.

Singles Day usually racks up larger sales than the big shopping days of Black Friday and Cyber Monday in the U.S. combined.
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