Why is it 'Dry January' in the Premier League transfer market?

It appears the clubs of the Premier League are doing their best to join in with 'Dry January'. Watford completed the signing of Ignacio Pussetto from Udinese for £7m earlier this month Aston Villa took Danny Drinkwater on loan from Chelsea for the remainder of the season January transfer window spending by Premier League clubs 2003 - £35m 2004 - £50m 2005 - £50m 2006 - £70m 2007 - £60m 2008 - £175m 2009 - £170m 2010 - £30m 2011 - £225m 2012 - £60m 2013 - £120m 2014 - £130m 2015 - £130m 2016 - £175m 2017 - £215m 2018 - £430m 2019 - £180m 2020 - £65m* Source: Deloitte It also checks out that those recruiting this month are largely those involved in the relegation fight, but they're doing so without breaking the bank. Cenk Tosun is on loan at Crystal Palace from Everton for the rest of the season Jack Rodwell made his Sheffield United debut two days after signing for them as a free agent.BUT RELEGATION FEARS STALK EVERY DECISION It may be a seller's market, yet equally there is absolutely no reason for a Premier League club immersed in the relegation fight to sell a prized asset to a club further up the table in January. Manchester United flop Alexis Sanchez is perhaps the ultimate January cautionary tale LOAN MOVES ARE LOWER RISK Seven of the 21 incoming signing by Premier League clubs this month have been loans, including Tottenham's Gedson Fernandes, Newcastle's Nabil Bentaleb and Danny Drinkwater at Villa. Gedson Fernandes became Jose Mourinho's first signing as Tottenham manager - on loan INCREASING FAITH IN YOUTH Another big factor nullifying the impulse to spend this month is the growing trend for Premier League managers to put their faith in young players and academy graduates as opposed to just making new signings.