Etailer Alibaba sold $2bn (£1.2bn) of goods in the first hour of China’s annual Singles’ Day today (November 11).
That compares with $3.1bn (£1.95bn) in sales seen in the first half of last year’s event.
Singles’ Day is considered the world’s biggest online shopping day and was introduced in 1993, when students at Nanjing University are believed to have chosen the date as an anti-Valentine’s Day where single people could buy things for themselves.
Since then, it has gone on to become a massive day of sales for China’s fast growing ecommerce market.
Last year China’s Singles’ Day smashed online sales records taking $5.8bn in 24 hours.