To visit impoverished areas or squalid locales, especially out of curiosity or for amusement. To endure conditions or accommodations that are worse than what one is accustomed to.
What does slumming mean in slang?
So "slumming it" is a slang term for living roughly, or without much. " They were slumming it as they lived on the streets"
Where does the term slumming come from?
The word “slum” developed in the early 19th century from London Cockney vernacular. It became gradually subsumed in a textual form of describing, denigrating, and damning poor districts, initially in London and British provincial cities.