Singles' Day, which is not only China's biggest shopping day, but also the biggest online shopping frenzy across the globe, has already reported more than $2 billion worth of sales in only its first hour.

The news comes from a report by TechinAsia citing China's two largest heavy-hitting ecommerce companies, Alibaba's Taobao and Tmall, which reported $2 billion in sales continuing to grow every second at 1 a.m. Beijing time.

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

Sales continue to increase every year. Last year's Singles' Day tallied a total of $5.8 billion within the 24-hour time period, which translates to a $2.7 billion increase from the previous year. This year, sales are projected to reach more than $8 billion according to a report by CNBC, and that seems to be an attainable goal with $2 billion being made in the first hour alone.

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.

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.

Even online retailer Amazon decided to jump in on the opportunity this year offering Chinese consumers discounted products from around the world. 

TagsSingles Day, biggest shopping event, online shopping, Amazon, discounted products