Lyric discussion by SOME1RANDOM 

Cover art for Peek-A-Boo lyrics by Siouxsie and the Banshees

I know most interpretations are subjective so here's mine. The song seems to be talking about the sex trade I agree however it seems to also mention oral sex in "Peepshow" adult bookstores. "sinking into dark stalls" and "Furtive eyes peep out of holes" like those old fashioned arcades where a prostitute would be on display or where gay guys go for anonymous sex. She seems to be mocking all of us who engage in covetousness.