Impact of COVID-19 pandemic upon jewelry and gems business: marketing mixed perspective

Abstract

The objective of this study was to determine the impact of the COVID-19 pandemic by examining the marketing mix strategy for Thai gem and jewelry businesses to find ways for business by exploring the marketing mix composition of 369 jewelry and gems businesses in Thailand. Marketing mix difference was tested by using Paired Samples t-test during pre-and post-COVID and tested the hypothesis using multiple regression analysis. Results found that COVID-19 epidemic has affected almost every marketing mix component (price, distribution, sales promotion, and product) with a statistically significant difference between pairs. Therefore, business units must emphasize and adjust their marketing mix in order to cope with new opportunities, such as creating a new platform for online sales, focusing on speed adaptation, and bringing more innovation to business in order to take advantage of this crisis.