All clocks that are synchronised with the incoming mains frequency will run slow.
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"Did you get my e-mail?" - "The biggest problem in communication is the illusion that it has taken place" - George Bernard Shaw, 1856
It depends on the device design. If it has an input rectifier to create DC, then it probably won't be damaged, unless you overvoltage it. If it has an input transformer or is a AC motor not designed for that frequency, it will not generate the back EMF to prevent excess current flow, and will release it's "magic smoke" forever (assuming it has no protection device).
First, if this is the implied AC power distribution frequency then the rotational speed of synchronous motors will be slower. Many transformers in your appliances will get hotter and you will draw more power for the same or less work performed. Some DC power supplies may not be as well regulated with the lower power line frequency. It will also depend greatly on how far below 50 HZ the AC power drops. A drop to 49 HZ may be difficult to notice the above effects with the exception of power grid referenced clocks loosing time. In contrast, a power distribution frequency drop to 30 HZ will produce significant problems to all of your home appliances.
Second, if the low frequency is the low bass notes of a musical instrument (pipe organ, synthesizer, kick drum, etc.) running through your audio amplifier then it will more likely depend on the quality of your speaker or sub-woofer to turn this signal into sound than the electrical engineering of your amplifier. If your speaker is up to this task but your amplifier is not, then a whole lot of damaging power can be dumped into the tweeters of your speakers. Get a more powerful amplifier.
If this low frequency is a sound coming from an appliance (washing machine, vacuum cleaner, etc.) then you may have a mechanical failure that is excessively loading the induction motor of the appliance. Hopefully, nothing is also wrong with the electrical engineering of the appliance and eventually a protection device like a fuse or thermal breaker will prevent a fire from happening.
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"Don't disturb my circles." translation of Archimedes last words
Utility suppliers are obliged to achieve frequency because of all the above. If the frequency is low, then cause the utility supply company a problem by making a commercial complaint. If enough customers do this, then the problem will be resolved without the customer needing to take any further action.
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"Did you get my e-mail?" - "The biggest problem in communication is the illusion that it has taken place" - George Bernard Shaw, 1856
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