This usually happens when Google hits your tROAS target early in the cycle and then starts narrowing the auction too much. PMax becomes overly selective, so you end up losing the “easy wins” and only showing in higher-cost or lower-quality traffic later in the month. A couple things you can try: - Loosen the tROAS a bit (even for a few days). Sometimes giving PMax more room resets the learning and brings back volume + quality. - Check your conversion value setup, if your values fluctuate by season, Google might be optimizing based on outdated signals. - Feed freshness matters too. If your products have seasonal spikes, make sure your feed + audience signals reflect what’s in-demand right now. Curious, when performance drops, do you see impressions decreasing or just the conversion quality?

@Mina Khm Thanks, that helps clarify the pattern. If spend + impressions stay the same but conversion value drops, it usually means PMax is shifting budget to lower-intent placements once it hits your tROAS early in the month. A few quick fixes you can try: 1) Lower the tROAS slightly for 3–5 days This “re-opens” higher-intent audiences and resets performance. 2) Refresh audience signals monthly Upload recent converters / engaged visitors so Google doesn’t drift into broad traffic during low-demand weeks. 3) Keep the feed updated Small changes (availability, best-sellers) help when seasonality fluctuates. 4) Use a ROAS range instead of a single target Gives Google more flexibility when demand is naturally lower. Do you notice the drop across all product categories or just a few?