World's biggest online shopping day blows away sales record

Nov 11, 2013, 2:40 PM EST

Alibaba, the largest online retailer in China, said it had recorded 35.2 billion yuan ($5.8 billion) in "11/11" sales on its Tmall online shopping site, easily surpassing last year's record 19 billion yuan. The company has turned November 11, a Singles' Day festival in China, into the world's biggest e-commerce day of the year, outselling the U.S.'s "Cyber Monday" by three and a half times. Chinese consumers are forecast spend $290 billion on online shopping this year, according to Forrester Research, surpassing their American counterparts' $260 billion.