According to Reuters, Chinese e-commerce giant Alibaba, smashed the 2017 record for its Singles’ Day sales event on Sunday, surpassing $24.15 billion sales in under sixteen hours. Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping U.S. shopping holiday Black Friday. Analysts say that despite continued strong growth, sales are likely to be hit by economic headwinds and new competition from competing sales events.