$18 billion in 13 hours: World’s biggest shopping day sets new record

We’re just over halfway through the biggest shopping day on the planet and it’s already set a new record.

Chinese e-commerce giant Alibaba (BABA, Tech30) said Saturday that sales soared past $18 billion after roughly 13 hours of the retail blitz known as Singles Day, eclipsing the $17.8 billion it managed in the full 24 hours last year.

Singles Day, a bonanza of online spending in China, has for years racked up more sales than Black Friday and Cyber Monday combined.

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Earlier Saturday, Alibaba said eager shoppers had managed to spend $1 billion in just 2 minutes.

Singles Day started out as an informal holiday in China celebrating single people on a day that epitomizes not being paired off: 11/11. Alibaba turned it into a festival of discount deals in 2009.

Too much money….

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