A low-heeled, flat shoe without laces that slips onto the foot, or a person who idles away time without working.
The shoe meaning comes from brand names like 'Loafer' shoes marketed in the 1930s-1940s, from the verb 'loaf' (to idle). The person meaning dates to the 19th century for someone who loafs or avoids work.
Loafer shoes were marketed as 'lazy shoes' you could slip on without tying—the name perfectly matched their vibe, and the style became iconic in American fashion by mid-century!
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