The person, object, or situation identified in the context has lost its novelty, freshness, appeal, or acceptability.
Business is not going well for a particular identified firm or industry, or the overall economy has taken a downturn.
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"bloom is off the rose." Phrases.net. STANDS4 LLC, 2018. Web. 24 Mar. 2018. <http://www.phrases.net/phrase/bloom-is-off-the-rose_9569>.