In total, Premier League clubs spent just £84.2m in January on deals with disclosed fees, with the biggest deal - Amad Diallo's £37m move from Atalanta to Manchester United - being agreed in the last window.
The diminished tally represents a vast fall from the £230m last January and a slump of £381m from the record high of £430m in January 2018, Sky Sports reported.
Only 12 permanent deals were completed in the month, with Aston Villa's signing of Morgan Sanson from Marseille for £15.5m representing the biggest new deal of this window.
Financially, Diallo's New Year's Day done deal was the most expensive of the window, however West Ham signed off a £26m outlay to turn their loan of Said Benrahma from Brentford into a permanent move.
According to Sky Sports, there were only six signings made during the window for transfer fees, topped by Manchester United winger Diallo at £37.2m from Serie A club Atalanta.
As expected, West Ham converted Benrahma's temporary move into a permanent deal at a cost of £26m after a bit-part start to his career at the London Stadium.
Liverpool secured the signature of Preston centre-back Davies for £1.6m, while Arsenal bolstered the youth rank by drafting in Herta Berlin 19-year-old centre-back Omar Rekik.
The Gunners were busiest in the market for ins and outs, shipping out four players on a permanent basis and another seven on short-term deals.
In terms of total incomings, West Brom were busiest with five additions, followed by Arsenal, Liverpool and West Ham with three per club, and 10 clubs made one signing apiece: Aston Villa, Brighton, Burnley, Crystal Palace, Everton, Fulham, Manchester United, Newcastle, Southampton and Wolves.
Incoming loan deals
Many of the headline signings were drafted on temporary deals. West Ham snapped up Jesse Lingard, while Arsenal swooped for Martin Odegaard to compete with fellow youngster Emile Smith Rowe - while the Gunners also loaned Brighton stopper Mat Ryan as back-up for Bernd Leno.
West Brom drafted a league-topping three players on loan deals during the January window: Ainsley Maitland-Niles (Arsenal), Okay Yokuslu (Celta Vigo) and Mbaye Diagne (Galatasaray).
Wolves signed Real Sociedad forward Willian Jose to cover injured striker Raul Jimenez, while Crystal Palace and West Brom also bolstered their attack by drafting Jean-Philippe Mateta (Mainz) and Mbaye Diagne (Galatasaray), respectively.
A Deadline Day surprise saw Southampton completing a short-term deal for Liverpool forward Takumi Minamino, with Jurgen Klopp's side snapping up Schalke centre-back Ozan Kabak, while Gunners duo Ainsley Maitland-Niles and Joe Wilock joined West Brom and Newcastle, respectively.
The subdued market also affected outgoing deals, with just 34 players leaving clubs on permanent deals, of which only 14 were for undisclosed fees.