Everyone spent their entire discretionary budget in December.

Your ad is competing with a purchase decision that already happened.

Holidays

Also in effect on this date

The full docket. Any of these would hold up in a Monday standup.

America is planning outfits and regrets, not purchases.
Holidays · in effect 12-28 to 12-31
Everyone is returning what marketing convinced them to buy.
Retail Calendar · in effect 12-26 to 12-31
The week between Christmas and New Year's does not legally exist.
Holidays · in effect 12-26 to 12-31
Q1 budgets exist in a spreadsheet that finance has not unlocked yet.
Holidays · in effect New Year's Day (6d before through 9d after)
Half the country has not mentally returned from break.
Vacation · in effect New Year's Day (6d before through 9d after)
QBR prep has consumed everyone who could have approved anything.
Workweek · in effect 03-25 to 03-31, 06-25 to 06-30, 09-25 to 09-30, 12-26 to 12-31
A nation is holding gift cards and deciding what it actually wanted.
Retail Calendar · in effect 12-26 to 12-31
Quarter-end discounts have trained every buyer to wait you out.
Workweek · in effect 03-25 to 03-31, 06-25 to 06-30, 09-25 to 09-30, 12-26 to 12-31