The act of changing to a lower gear or reducing speed; or reducing the pace and intensity of one's lifestyle or work.
From 'downshift' plus '-ing' suffix. The gerund/present participle can function as a noun ('downshifting is popular') or describe an ongoing action.
The lifestyle meaning became so popular in the 1990s that books were written about 'downshifting' as a cultural movement—choosing less consumption and stress for better quality of life. Language captures trends!
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