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Lilo
Casual Usage
The term 'lilo' is informal and best used in casual or leisure contexts, not in formal writing. 
Seasonal Item
'Lilo' often refers to summer leisure activities, invoking scenes of pools, beaches and sunbathing. 
British Slang
'Lilo' is more commonly used in British English. Other English speakers might prefer 'air mattress' or 'raft'. 