Alibaba Group, China's largest e-commerce company, broke single-day online sales records during the country's biggest shopping holiday.
Topping $5.75 billion, the site matched last year's online sales in the first 13 hours of the 24-hour shopping day, which was on Sunday, according to Bloomberg. Last year, Alibaba's single-day online sales record totaled $3.14 billion.
China's biggest shopping day is called "Singles' Day;" it's a similar holiday to Valentine's Day in the US. The main difference with Singles' Day is that it's geared toward shopping. The idea is that people should pamper themselves by purchasing clothes, household items, and other goods on Singles' Day.
In the US, online shopping is also skyrocketing. Last year's Cyber Monday brought in an estimated $1.46 billion in sales. And, analysts are promising an even bigger spending year this coming holiday season. The Adobe Digital Index released a report last week that predicted more than $2.27 billion in online spending for this year's Cyber Monday.