decay: the breaking down and wearing out that makes physical things spoil, wither, and die
This is the word's home ground. It names what happens to anything made of matter: food goes off, bodies wear out, the whole living world runs down toward death. It is not a judgment on the thing that decays, only a description of how physical existence works.
Paul builds his case for the resurrection on exactly this. A body goes into the ground the way a seed does, subject to rot, and comes up in a state that cannot rot at all. He can even use the word for the perishable itself, as a name for everything on the decaying side of that line, and he says flatly that it cannot inherit what will not decay. In Romans he widens the picture past human bodies: the whole created world is held in a slavery to running down that it will one day be released from.
At the plainest end, the word can describe household goods simply being used up. Food and drink go into a person and are gone; rules built on which of them you may touch are rules about things already on their way to the rubbish heap.
The verb behind it (φθείρω) covers the same ground as an action, and there is a strengthened relative (διαφθορά) that narrows in on one thing only, the rotting of a corpse in the grave.