On Wednesday, Alibaba generated $14.3 billion in total sales during Singles' Day, the Chinese equivalent of Black Friday. The figure is a 53.7% increase from the company's previous Singles' Day sales record of $9.3 billion during the holiday last year.

This year, sales were boosted by rising disposable incomes in China, more total merchants, and an increased offering of foreign brands.

Singles Day is a tradition in China, as it is an endorsement of the value of the single individual, giving them the freedom to spend their disposable income with highly attractive and cost effective sales.

Singles Day was born, where most single individuals congregate, at local colleges and universities and became an annual celebration that allowed the freedom to throw parties and commiserate or celebrate ‘singleness” with others. As these student graduated and remained single, the tradition and annual gift giving season, migrated to mainstream society.

Unlike other cultures that devalue unmarried individuals, China’s singles day is an industry, equivalent to Black Friday and recognizes singles make up a significant percentage of society and with that a significant portion of disposable income.

Data is curated by findthecompany.com and sourced from Dun & Bradstreet, Zacks Investment Research, FinancialContent.