China's Singles' Day, the world's biggest online shopping frenzy, has shattered previous records as consumers spent a total of $9.3 billion in the 24-hour period through Alibaba's Taobao and Tmall ecommerce companies.

Singles' Day occurs every November 11 and increases in terms of popularity and sales every year. Last year's Singles' Day event generated a total of $5.8 billion within the 24-hour time period, which translates to a $2.7 billion increase from the 2012's online shopping event.

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This year's event has tallied up a total of more than 275 million packages shattering the previous record by $3.5 billion worth in sales.

Singles Day was originally the equivalent to an anti-Valentine's Day holiday for single people in China to celebrate the single life. But it has now become the biggest online shopping event in the world, offering sales on anything from clothes to cars.

According to Tech In Asia, Singles' Day from 2009 to 2011 struggled to get over the $1 billion hump, but 2012 is when the event hit its boom, and has shattered sales records across the globe every year since.

In comparison to the biggest shopping events in the U.S., the Black Friday and Cyber Monday events combined for a total of just $2.9 billion during last year's holiday season. This year's Singles' Day trumps that number by more than three times and was able to generate $2 billion in the first hour alone.

The average consumer reportedly spent $33.50 according to data shown by Alibaba. 

According to Shanghai businessman Brian Lee, Singles' Day is such an important day for his French luxury Elle handbags that nearly 15 to 20 percent of his company's annual revenue is made during the 24-hour shopping event every year.

TagsSingles Day, Online Shopping events, Taobao, Tmall, ecommerce