Forget Cyber Monday - Get Ready For China's 'Singles Day,' The World's Biggest Online Shopping Blitz

Alibaba is gearing up for the world's biggest online shopping day of the year on Tuesday.

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

Since then, Alibaba - China's biggest ecommerce company - has turned it into the biggest 24-hour cyber spending blitz in the world by offering deep discounts on everything from cars to clothes.

Sales on Singles Day last year for Alibaba totaled $5.8 billion, up from $3.1 billion the previous year. By comparison, American consumers spent nearly $1.7 billion last year on Cyber Monday, the biggest online sales day in the US.

Alibaba's Singles Day sales this year are expected to reach more than $8 billion, CNBC reports.

Here's a look at how much sales have grown for Alibaba's two ecommerce sites, Tmall and Taobao Marketplace, on Singles Day over the years, according to TechInAsia.

Last year, the websites were offering 50% discounts on items like boyfriend body pillows and hoodies that read "I am single because I am fat." Bargain hunters could also find deep discounts on crystal chandeliers, French wines, and even BMWs.

The holiday hasn't always been about shopping. Five years ago, only about two dozen companies were offering discounts on Singles Day, also known as "Double 11."

Alibaba entered the game in 2009 and within three years, Singles' Day had become the biggest 24-hour shopping event in the world.

American retailers planning to participate in this year's sales include Tesla and the apparel company Zara, according to Businessweek.