Wise woman collecting hot drink, ignoring the first contraction (9)
I believe the answer is:
shrinkage
'contraction' is the definition.
(I've seen this before)
'wise woman collecting hot drink ignoring the first' is the wordplay.
'wise woman' becomes 'sage' (I've seen this before).
'collecting' is an insertion indicator.
'hot' becomes 'h' (abbreviation eg on taps).
'ignoring the first' means to remove the first letter.
'drink' with its initial letter taken off is 'rink'.
'h'+'rink'='hrink'
'sage' enclosing 'hrink' is 'SHRINKAGE'.
(Other definitions for shrinkage that I've seen before include "Process by which something becomes smaller" , "Reduction in volume" , "Gin shaker? (anag)" , "waste allowance" , "Asking her to get loss by wastage" .)