As Europe began to enter the cycle of interest rate cuts, the overall economic vitality strengthened. Although the interest rate in North America is still at a high level, the rapid penetration of artificial intelligence in various industries has driven enterprises to reduce costs and increase income, and the recovery momentum of commercial B2B demand has risen. Although the domestic market has performed worse than expected under the influence of multiple factors, under the background of the overall rising demand, the brand shipment scale still maintains a year-on-year growth trend. According to DISCIEN "Global MNT Brand Shipment Monthly Data Report" statistics, MNT brand shipments in May 10.7M, up 7% year on year.

Figure 1: Global MNT monthly shipment unit: M, %

In terms of regional market:

China: Shipments in May were 2.2M, down 19% year-on-year. In the domestic market, affected by cautious consumption and sluggish demand, the shipment scale continued to show a year-on-year decline. Although this year's promotion festival cancelled the pre-sale and extended the activity time, the B2C market performance is still less than expected. At the same time, the enterprise side demand is weak, some technology enterprises and Internet manufacturers still have signs of layoffs, the overall commercial B2B market performance has declined, the second half of the year is expected to give some support to the B2B market through the national Xinchuang orders.

North America: Shipments in May 3.1M, an increase of 24%. At present, the United States vigorously develops AI technology, and rapidly promotes the penetration of AI in all walks of life, enterprise vitality is high, private and enterprise investment in generative AI maintains a rapid growth trend, and B2B business demand continues to rise. However, due to the strong consumption of residents 23Q4/24Q1 in the B2C market, the demand has been released in advance, and the rhythm of interest rate cuts has been delayed, and the overall shipment growth in North America has slowed down.

Europe: Shipments of 2.5M in May, an increase of 8%. Affected by the prolonged conflict in the Red Sea, the shipping cost of brands and channels to Europe has been rising, which indirectly led to a narrow growth in the size of shipments. Although the recovery of the European market is not as good as that of North America, considering that Europe has already cut interest rates once in June and is expected to continue to cut interest rates, it will contribute to its overall market vitality.

Figure 2: MNT monthly shipments by region Performance unit: M