Use it where you might expect understanding or support from others due to bad circumstances. After losing the contest, she said, 'That's hard luck,' hoping for a hug.
Pro Tip 2/3
Negative Outcome
It expresses a negative outcome that couldn't be predicted or controlled. He trained hard but still lost the race. Well, that’s just hard luck.
Pro Tip 3/3
Not Overly Formal
The phrase is not very formal; more suitable for casual conversation. She missed the bus due to a flat tire? That's hard luck.