A showy but inexpensive trinket or decoration; a bauble or gadget with little practical value but eye-catching appearance.
Likely from reduplication of 'gee' (an exclamation of surprise or wonder) combined with 'gaw,' creating an onomatopoetic word suggesting something flashy and attention-grabbing. Popularized in American English.
Reduplication words like 'geegaw,' 'gimmick,' and 'gewgaw' often describe things designed to catch your eye—notice how the doubled sound itself mimics the flashy, repetitive nature of cheap shiny objects.
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