Inexpensive peach make-up (5)
I believe the answer is:
cheap
'inexpensive' is the definition.
(similar in meaning)
'peach make-up' is the wordplay.
'make up' indicates an anagram.
'peach' with letters rearranged gives 'CHEAP'.
(Other definitions for cheap that I've seen before include "not doing much damage" , "Inexpensive or tasteless" , "Mean" , "Contemptible" , "bargain" .)