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Downmarket refers to a cheaper product. Since genre books are not cheaper than other books, the term doesn't apply. My car is downmarket, but it meets my needs quite well, I don't need a larger car and I like the gas mileage. I am not driving something inferior, merely something cheaper.
I've read some of these so-called "upmarket" books myself. I'm not saying they are inferior either. My preferred genre is science fiction, and there is at least as much exploration of ideas in the "upmarket" books.
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