Tawdry peach cocktail (5)
I believe the answer is:
cheap
'tawdry' is the definition.
('cheap' can be a synonym of 'tawdry')
'peach cocktail' is the wordplay.
'cocktail' indicates an anagram.
'peach' anagrammed gives 'CHEAP'.
(Other definitions for cheap that I've seen before include "Budget -cheesy" , "Second-rate" , "Low in price or tastelessly showy" , "Economical - rubbishy" , "Shoddy" .)