Meaning:
The product doesn't cost much but it serves its purpose. The customer is happy with it.
1. She enjoys shopping for cheap and cheerful presents.
2. He made a lot of money from design cheap and cheerful toys for children.
cheap and cheerful UK
› cheap but good or enjoyable:There's a restaurant round the corner that serves cheap and cheerful food.
Meaning:
the product doesn't cost much but the quality is bad.
When people want to save some money by buying something cheap and cheerful, they often end up wasting their money because the goods can turn out to be cheap and nasty.
cheap and nasty UK› costing little and of very bad quality
Examples:
1. Everything in the shop is cheap and nasty. Don't buy anything.
2. My boyfriend is stringy. The hotel where we stayed was cheap and nasty. I wouldn't recommend it.
See more here: http://www.bbc.co.uk
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