THE WHAT? Amway has reported 2019 sales of $8.4 billion for the year ending 31 Dec, 2019, a 5 percent fall year on year.
THE DETAIL The direct sales giant saw a drop in Chinese sales, it’s biggest market, which saw a decline in the direct sales market overall.
Thailand was flagged as a lucrative growth market for Amway, being one of the company’s top five countries. Amway stated it had ‘fast, sustainable growth.’ The company’s top markets also include China, the U.S., Korea, Taiwan India, Russia, Malaysia and Hong Kong.
Looking forward, the company is investing $500 million in its digital platforms throughout 2020, as well as in product innovation and compensation for independent Amway Business Owners.
THE WHY? The fall in Chinese sales is thought to be down to the government tightening rules surrounding direct sales and health care companies, with a 100-day campaign taking place to investigate them.
Amway spokesperson Anna Bryce took to a statement and said, “Compared to overall direct selling industry trends, Amway China was able to minimize the impact, actually improving market share and moving up a spot to become the country’s number two direct selling company. We do expect to return to growth in 2020 and have already had a solid start.”