Low-budget festival recalled after happening (5)
I believe the answer is:
indie
'low-budget' is the definition.
I don't know anything about this answer so I can't judge whether this works.
'festival recalled after happening' is the wordplay.
'festival' becomes 'eid' (Muslim festival).
'recalled' shows that the letters should be reversed in order (to recall can mean to bring something back).
'after' says to put letters next to each other.
'happening' becomes 'in' (happening can mean fashionable or 'in').
'eid' back-to-front is 'die'.
'die' put after 'in' is 'INDIE'.
Can you help me to learn more?
(Other definitions for indie that I've seen before include "minor label" , "(In films or music) group not linked to a major company" , "Not a mainstream group" , "Specialist record company" , "Kind of small record company" .)