Meaning of the word downmarket in English

What does downmarket mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

downmarket

US /ˈdaʊnˌmɑːr.kɪt/
UK /ˌdaʊnˈmɑː.kɪt/

Adjective

cheap and of low quality

Example:
They decided to target the downmarket segment of the industry.
The store started selling more downmarket products to attract a wider customer base.

Adverb

towards the cheaper or less prestigious end of the market

Example:
The brand has moved downmarket in recent years.
Some luxury brands are careful not to go too far downmarket.