shrink, contract, shrivel, wrinkle, reduce
縮 centers on becoming smaller in size or extent: shrinking, contracting, or reducing. The ideas of shriveling and wrinkling are natural physical results of that same contraction.
縮 combines 糸 (thread) with 宿, which likely contributes the sound シュク and the idea of pulling tight or gathering in. The thread radical suggests the action of drawing something together so it becomes smaller.
Thread 糸 is pulled tight around a lodging 宿, making the whole thing shrink and contract until it wrinkles.
For シュク, imagine a shrunken shoe in the corner of the lodging: shoe -> シュク, and the thread pulls it even smaller.
reduction; curtailment; cut; cutback; scaling down; contraction; shrinkage
shortening; contraction; reduction; curtailment; abbreviation
compression
feeling (much) obliged; being (very) grateful; being thankful
concentration (e.g. of a solution); enrichment; condensation
to shorten; to reduce; to condense; to shrink
to shrink; to contract; to diminish (in size)
contraction; shrinking; shrinkage; constriction; deflation
condensation (of ideas, emotions, etc.); concentration
withering; shrivelling; shrinking
wearing armour (armor)
expansion and contraction; elasticity; flexibility
to shorten; to narrow; to close; to shrink
tightening; shrinkage; contraction; constriction
shrinkage
reduced drawing; miniature copy
reduction of armaments; disarmament
reduced scale; scaling down
to curl oneself up; to squeeze oneself in; to be huddled
frizz; kink; crimp; curls (hair, noodles, leaves, etc.)