I disagree. Today's electronics are cheaply made and usually from China. Better to replace it than try and repair.
The cheaply made is not in components alone, but in combination of components vs their loading by the design. So for a function where the components are loaded/stressed, they use the standard ones, for which the load is on top of their rating. Namely filter capacitors in flyback converter based power supplies, lamp ballasts, chargers and so on. These then fail not because they are worse made than they were 40 years ago, but because they are loaded 100x more than they use to be in the small transistor radios of that era.
The thing is, these clock radios load those components in a manner similar to the load from those old transistor radios: So very little, so no way it could be normal wear.
What is very likely is either some abuse (the clock had fallen on the ground yielding some cracks, leaked battery,...) or was wrongly assembled from the start (tension in wires yielding to their breakage is very common)
But I didn't say it is not failing due to shoddy manufacture going too cheap. I just said it can not be a normal component wear.
But based on the symptom of low volume:
What could help me to guide is to know what ICs are there.
Very often it is some rather easy to repair thing (to make it working - sometimes it may involve making the push buttons protrude through the cover because the very popular metal membranes on a PCB usually need to be replaced by complete tactile switches,...).
Often when the raqdio uses a pot for volume control, it uses to be dirty. Be aware, many ICs use DC voltage to control the volume (many analog chips like CXA1691 and its relatives, all DSP based radio IC's using analog controls), so bad pot does not exhibit the typical crackling noises (the pot just generates a control voltage, which then sets the volume; either via an analog attenuator like in CXA1691 receiver or TDA1052A audio amp or many other similar, or controls the output DAC amplitude of the DSP based ones, like nowadays popular AKC1691, KT915 or so). In all these cases, the volume just gradually goes up/down (because the control voltage is so filtered either by a capacitor with the analog ICs, or by the DSP filtering in the DSP ones) when the contact is intermittent, or drops to nearly zero or some minimum when the contact is lost.
Other fault could be bad output cap with IC's using half bridge output (most analog fully integrated radio IC's) - there the cap may have just suffered from mounting abuse (leads pulled out of the case by force when the bulky cap is crammed to its place; this is not the cap fault, but shoddy assembly one).
Or similar: With a TDA2822 (or its clone; very popular audio power stage to work with radio chips not integrating power amplifiers, like TA2003, SI4825, KT915 or so) amp very often the electrolytic of about 22..100uF between pins 5 and 8 uses to be open circuit (again, most frequently again due to abuse during assembly as it is rather large value component; its load is barely few 10's of uA AC and few mV DC bias).
Mainly with the modern DSP based receivers with the speaker directly connected to the IC itself (AKC169x,...; even some modern audio amp ICs have similar feature too), a bad supply connection exhibits itself just as low volume (the voltage drop at that bad connections triggers the low supply volume reduction function, which is originally designed to prevent distortion by reducing the volume when batteries go weak; usually the algorithm is so perfected it makes no distortion nor similar artifacts tradditionally showing weak or bad supply; hence just the low volume).