Alibaba has smashed its own record for sales on Singles Day at the end of last week. The e-commerce giant hit an impressive $1 billion mark within the first minutes of the shopping event, and by the end of the first hour Alibaba’s revenue soared to $10 billion. A few hours before the end of the sales day, the company beat its own record of $25.3 billion set in 2017. The brands of the world's largest tech companies such as Xiaomi, Apple, and Dyson were among Alibaba’s top sellers.

In general, buyers spent $30.8 billion that day, exceeding last year's record by 27 percent. However, experts predict a decline in consumer activity despite impressive profits. Earlier this year, Alibaba faced a number of difficulties such as new major competitors, a slowdown in the economy and a fall in stock prices amid the trade conflict between the US and China.