Core Insights - After the strongest consumer month since early 2023, U.S. consumer spending slowed down in April, aligning with a trend of economic deceleration [1] - Many American consumers remain concerned about the economic outlook, reflecting the weakest consumer quarter in nearly two years [1] - Despite higher import tariffs not yet fully reflected in product prices, consumer confidence has declined, with the personal financial outlook index hitting a historic low [1]

Core Viewpoint - The Eurozone retail sector is expected to face a challenging year due to trade uncertainties and slowing wage growth, leading to decreased consumer spending [1] Group 1: Economic Indicators - Eurozone retail trade declined by 0.1% in March [1] - Consumer confidence is decreasing, potentially due to economic uncertainties stemming from Washington's tariff policies [1] Group 2: Future Outlook - Lower interest rates are anticipated to boost consumption this year, but this effect will be partially offset by a slowdown in real income growth [1]

Core Insights - The global smartphone market experienced only a 0.2% growth in Q1 2025, with shipments reaching 296.9 million units, marking a decline in growth for three consecutive quarters due to the end of a replacement cycle and manufacturers seeking healthier inventory levels [1][3]. Market Performance - Samsung maintained its leading position with shipments of 60.5 million units, followed by Apple with 55 million units, capturing 19% market share. Xiaomi ranked third with 41.8 million units and a 14% market share [1][3]. - Vivo and OPPO ranked fourth and fifth, with shipments of 22.9 million and 22.7 million units, respectively [1]. Regional Insights - The smartphone market in regions like India, Latin America, and the Middle East has shown significant declines, indicating saturation in the demand for mass-market products. Conversely, the Chinese market is experiencing growth driven by government subsidy policies, while the African market benefits from active retail channels and market expansion efforts by manufacturers [3][5]. - The U.S. smartphone market saw a 12% year-on-year growth in Q1, primarily driven by Apple, which has been proactive in inventory management ahead of changing tariff policies [5]. Future Outlook - Despite the lackluster performance in Q1, major smartphone brands have not adjusted their annual targets, hoping for a market recovery in Q2 and the second half of the year. Some regions, such as Southeast Asia and Latin America, have shown signs of gradual recovery [7]. - Manufacturers face challenges, including cautious hardware upgrades in the mass-market segment due to rising costs, increased competition in the mid-range segment (US$200-400), and potential pressures from global trade tensions leading to localized production [7].