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South Korea direct selling market: 1% CAGR growth forecast between 2012-17
Direct Selling in South Korea - a new market research report on 2014-04-29 11:17:02
Amway South Korea Co Ltd maintained the leading position in the South Korea direct selling market during 2012 with an 18% value share. The company´s value sales increased by 20% over the course of 2012 thanks to the rising demand for its dietary supplements and weight management products in the country. Amway South Korea Co Ltd has built a positive image as a very strong and popular direct selling company in South Korea and it managed to accomplish sales levels in excess of its targets throughout the review period. As a way of thanking its South Korean consumers for its success during the review period, during 2012 the company contributed to various social volunteer activities in the country. In addition, the company also opened Amway Gallery in 2011, a free exhibition for children and families which showcases various aspects of the Amway philosophy.
Direct selling in South Korea increased in value by less than 5% during 2012, rising to Won6.6 trillion. In South Korea, direct selling is generally divided into two separate formats. One format involves companies hiring agents as contract employees who then visit consumers directly, and this format is pursued by players such as AmorePacific Corp. The other format involves companies selling products to third-party agents, which then sell the products on to end consumers at a mark-up, a strategy pursued by companies such as Amway. The first of these two formats was the which recorded the stronger growth rates in direct selling in South Korea during 2012, while the second of them registered a certain level of stagnation as it was negatively affected by recently imposed regulations on direct selling in South Korea.
Direct selling in South Korea is expected to increase in constant value at a CAGR of 1% over the forecast period. Beauty and personal care direct selling, consumer health direct selling and media products direct selling are all expected to record healthy growth rates during the forecast period as there is a marked preference among South Korean consumer to purchase these products through direct selling. The loyalty of South Korean consumers to their favourite direct selling companies is stronger in these categories. On the other hand, home care direct selling and other direct selling are two categories which are expected to decline in South Korea over the forecast period as store-based retailing channels such as hypermarkets, variety stores are expanding rapidly, while the development of internet retailing in South Korea, especially through mobile devices such as smartphones remains very dynamic. Many South Korean consumers are likely to prefer store-based retailing channels or internet retailing due to the diversity of products available through these channels.
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