Alibaba Group generated sales of $17.8 billion on Singles Day this year, up 32% from 2015. That’s more than Black Friday and Cyber Monday combined across all US retailers.

Alibaba Group includes Taobao Marketplace, Taobao Mall (Tmall.com), AliExpress.com, and other properties.

However in both 2014 and 2015, Alibaba recorded about 60% sales growth during the one-day shopping event. It was unrealistic to expect the grow to continue at 60%, but the question remains how much bigger this event can grow. Alibaba has plans to turn it into a international brand over the next 15 years, but with Black Friday and Cyber Monday already happening less than a month from November 11th, it won’t be easy.

Singles Day or Guanggun Jie (Chinese: 光棍节) is an informal holiday widespread among young Chinese people, to celebrate the fact that they are proud of being single. The date, November 11th (11/11), is chosen because the number “1” resembles an individual that is alone.

Alibaba turned it into a sale event in 2009 to promote sales on its local B2C platform Tmall.com with just 27 participating merchants. Developing it into the world’s largest and most successful shopping event since then. Today the event includes fashion shows, live events and celebrity appearances.

“Back in 2013, $5.14 billion was our one-day GMV. Now we can achieve it in one hour,” Alibaba Group CEO Daniel Zhang told the company’s blog.