Hi Miro,
4 years in geo outbound, so you know the game. My honest take on the drop:
I do not think interest in domains dropped. What changed is the inbox. Cold email deliverability got brutal these last 2 years: Google and Microsoft tightened their filters hard (spam thresholds, mandatory SPF/DKIM/DMARC, engagement scoring). The same campaign that landed in inboxes in 2022 often lands in spam in 2026 without you seeing any difference on your side. So it looks like "buyers stopped replying", but for many senders the truth is "buyers stopped SEEING the emails". First thing I would audit if I were you: your open rates, your domain reputation, and whether your authentication records are all in place. Send a test to a few Gmail and Outlook accounts you own and see where it lands.
The second change: geo local businesses got hammered by the economy in a lot of markets, marketing budgets shrunk, and a domain purchase is the first "nice to have" that gets cut. Prices that closed easily in 2021 need more patience or a lower anchor now.
What has been working for me despite that: smaller and much more targeted lists instead of volume, and moving the conversation off email. WhatsApp has been my best channel for geo prospects by far, local businesses reply there within minutes when the same message dies in their inbox. I even ended up building my own tool for that workflow (DotOutbound), because finding the decision maker with a WhatsApp number changed my reply rates more than any subject line ever did. But email still works for me, but with a smaller STR.
So my answer in one line: same interest, harder inboxes, tighter budgets. Adapt the channel and the targeting, not the effort.
What do your open rates look like, and do you track opens? Worth checking once, even though tracking pixels themselves can hurt deliverability, so I would not leave them on permanently.