Hong Kong (CNN Business) China's annual Singles Day online shopping bonanza brought in a record $38 billion in sales for Alibaba.

The country's biggest e-commerce company had already topped last year's record 16 1/2 hours in, before it posted a final tally of 268.4 billion yuan ($38.4 billion) at the end of the day.

Alibaba BABA That's an increase of about 25% over last year's $30.8 billion, a slightly slower rate of growth thanrecorded in 2018, when the company reported a 27% uptick in Singles Day revenue.

Analysts had warned of weaker growth this year given China's slowing economy and the trade war with the United States.

The event regularly racks up bigger sales than Black Friday and Cyber Monday combined.