Direct Sellers
Direct selling as a business model has a large global presence. According to the World Federation of Direct Selling Associations (WFDSA), approximately 77% of global direct sales were conducted outside the US in 2022. Therefore, foreign currency exchange rates can have a significant impact on reported earnings and cash flows for the dollar-based direct selling platforms, such as NUS, HLF, USNA, and LFVN. As Figure 4 indicates, 2023 was another year of currency headwinds for the direct sellers, although not as much as it was in 2022. Assuming exchange rates on February 22, 2024, remain constant for the remainder of the year, the currency picture remains mixed. Companies with exposure to Asia-Pacific currencies on balance will continue to face headwinds, particularly the Japanese yen. Those with Latin American currency exposures, particularly the Mexican peso and Brazilian real, are looking to benefit from currency tailwinds again this year. The euro and pound are looking to be flat to up slightly in 2024.
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