Here's a sample script that will set the retention period to three days:
Add-PSSnapin Microsoft.SharePoint.PowerShell -ErrorAction SilentlyContinue
Set-SPUsageDefinition -Identity "Sandboxed Requests" -DaysRetained 3
Set-SPUsageDefinition -Identity "Content Import Usage" -DaysRetained 3
Set-SPUsageDefinition -Identity "Workflow" -DaysRetained 3
Set-SPUsageDefinition -Identity "Clickthrough Usage" -DaysRetained 3
Set-SPUsageDefinition -Identity "Content Export Usage" -DaysRetained 3
Set-SPUsageDefinition -Identity "Page Requests" -DaysRetained 3
Set-SPUsageDefinition -Identity "Feature Use" -DaysRetained 3
Set-SPUsageDefinition -Identity "Search Query Usage" -DaysRetained 3
Set-SPUsageDefinition -Identity "Site Inventory Usage" -DaysRetained 3
Set-SPUsageDefinition -Identity "Sandboxed Requests Monitored Data" -DaysRetained 3
Set-SPUsageDefinition -Identity "Timer Jobs" -DaysRetained 3
Set-SPUsageDefinition -Identity "Rating Usage" -DaysRetained 3