Hangs around the waist, loosely (5)
I believe the answer is:
waits
'hangs' is the definition.
The answer and definition can be both to do with social activities as well as being verbs in their -s form.
Perhaps they are linked in a way I don't understand?
'the waist loosely' is the wordplay.
'loosely' is an anagram indicator.
'waist' with letters rearranged gives 'WAITS'.
'around' acts as a link.
Can you help me to learn more?
(Other definitions for waits that I've seen before include "Night-time Yuletide singers" , "Carol singers" , "Stands by - carollers" , "Expects" , "Itinerant carol-singers" .)