Alibaba just eclipsed Cyber Monday and Black Friday online sales in 90 minutes

Alibaba generated $5 billion in sales in the first 90 minutes of Singles' Day, China's biggest online shopping day of the year.

That's how much Americans spent online last year on Black Friday and Cyber Monday combined.

Sales on Singles' Day last year for Alibaba totaled $9.3 billion, up from $5.8 billion the previous year.

Alibaba's sales this year are expected to reach $13.7 billion, according to IDC data cited by Bloomberg.

Singles' Day is anti-Valentine's Day holiday that emerged in China two decades ago as a time for bachelors and bachelorettes to celebrate the single life.

Since then, Alibaba - China's largest e-commerce company - has turned the occasion into the biggest 24-hour cyberspending blitz in the world by offering deep discounts on items as varied as cars and clothes.

The holiday is held on November 11 every year.

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