08/01/2024
INTERNATIONAL BUYERS OUTLOOK
BUSINESS NEWS | 2
Recent Survey Reveals Optimistic Short to Mid-Term Business Outlook Among International Buyers, 2024 Onward
The International Buyer Sourcing Behavior Survey 2023, conducted between September and October 2023, reveals that most international buyers expect their firms to adopt a relatively conservative approach heading into the new year. Despite maintaining their current strategies, buyers predict steady, meaningful progress in the near future.
Cautious yet Optimistic Outlook for Recovery
While buyers expect companies to proceed with caution, the survey revealed a conservative optimism among them.
Approximately half of the buyers anticipate that business will return to pre-pandemic levels in both the short term (6-12 months) and mid-term (12-24 months). Achieving pre-pandemic business levels would represent a significant milestone in the ongoing recovery process.
Moreover, a segment of buyers is more optimistic about the upcoming year. Nearly a quarter of the respondents expect business to not only meet but surpass pre-pandemic levels in 2024/2025. Extending the timeline into 2025, this optimism increases, with 28% of buyers predicting that mid-term business performance will exceed pre-pandemic benchmarks.
Any potential resurgence is expected to coincide with higher sourcing volumes. In the short term, 26% of buyers foresee an increase in sourcing volume, and this figure rises to 28% when looking at the next 12-24 months.
In response to these challenges, buyers are adopting a proactive approach to risk management. Many are diversifying their supplier base, exploring alternative sourcing options, and enhancing supply chain visibility to mitigate potential disruptions. Additionally, there is a growing emphasis on building resilient partnerships and fostering collaboration with suppliers to navigate the evolving market landscape.
Overall, while there are reasons for optimism, buyers remain vigilant and adaptive in their approach to business, recognizing the need for flexibility and preparedness in the face of ongoing uncertainties.
Insight #1: Domestic Economy and Digitalization Hold Significant Influence Over Buyers
When evaluating factors impacting their business, buyers highlight a blend of macroeconomic and microeconomic considerations. Predominantly, 44% of buyers identify the recovery of the domestic economy as the primary influence. Additionally, the increasing adoption of digital self-service platforms, such as e-commerce, is a significant factor, closely followed by the rising costs of doing business.
Insight #2: Buyers Aim to Diversify Product Range and Expand Supplier Partnerships
While buyers possess a strong existing product portfolio, a significant majority aim to further diversify by increasing product variety (44%). Consequently, buyers are actively seeking to establish relationships with more suppliers (43%) as they broaden their scope. This trend aligns with observed behaviors earlier this year, suggesting that the demand for product variety will continue to influence sourcing decisions in the near term.
Insight #3: The Importance of Reliability
Extended procurement processes resulting from delays across the entire supply chain persist as a notable challenge for both buyers and suppliers. In response to less frequent sourcing activities, buyers prioritize establishing partnerships with reliable suppliers capable of delivering goods promptly and transparently. Trust remains the paramount requirement for buyers seeking to secure a consistent supply of high-quality products.


Insight #4: Buyers Prefer Virtual and Hybrid Trade Shows Over Traditional Physical Events in Current Market Dynamics
When expanding their supplier networks, buyers typically favor exploring new partnerships through traditional physical trade shows and online trading platforms. However, the digital shift prompted by the pandemic has led to the emergence of virtual and hybrid trade shows, reshaping the sourcing landscape.
In recent months, virtual and hybrid formats have demonstrated enduring appeal, experiencing a surge in popularity. Approximately 43% of buyers have participated in virtual and hybrid trade shows more frequently over the past six months, with nearly 60% attending more than two virtual events during this period. Conversely, only 7% of surveyed buyers opted not to participate in any form of virtual or hybrid trade shows.
Insight #5: “Phygital” Preferences
As virtual and hybrid trade shows continue to gain prominence, buyers have conveyed contentment with their experiences thus far. According to survey results, buyers rated virtual/hybrid trade show experiences with an average score of 7 out of 10, indicating potential for further development in this expanding arena. However, with the easing of restrictions and the resurgence of physical trade shows, buyers are showing keen interest in sourcing from suppliers within their region. The majority of respondents have identified Hong Kong and Mainland China as their top choices for attending physical trade fairs.
AN EVOLVING LANDSCAPE

The sourcing landscape is evolving rapidly, driven by a combination of cautious optimism, technological advancements, and adaptive strategies. Buyers are anticipating a significant rebound, with expectations of business performance returning to or surpassing pre-pandemic levels in the near to mid-term. This positive outlook is coupled with projections of increased sourcing volumes, reflecting a broader trend of market recovery and expansion.
However, this resurgence is not without its challenges. Supply chain disruptions, inflation, and geopolitical uncertainties remain pressing concerns. In response, buyers are diversifying their supplier networks, exploring alternative sourcing strategies, and leveraging digital tools to enhance supply chain resilience and efficiency. The adoption of technology, particularly in the form of virtual trade shows, has also become mainstream,
providing new avenues for sourcing and collaboration. As buyers navigate this evolving landscape, they are placing a strong emphasis on reliability, transparency, and strategic partnerships. Trust and effective communication with suppliers are paramount, ensuring that sourcing needs are met with consistency and quality. Additionally, the integration of smart technologies and digital platforms is facilitating more informed decision-making and greater agility.
In summary, the sourcing landscape is characterized by a blend of cautious optimism and strategic adaptation. Buyers are proactively addressing challenges and capitalizing on emerging opportunities, positioning themselves to thrive in a dynamic and uncertain market environment. The future of sourcing lies in resilience, innovation, and the ability to adapt to an ever-changing global context.