adjective 1.Informal.a.delicate or lovely: an airy-fairy actress; an airy-fairy nightgown.
b.not based on reality or concerned with mundane affairs; unrealistic: airy-fairy ideas about spending a fortune that isn't even his.
2.Slang. effeminate; swishy.
Origin:
perhaps orig. in the phrase “airy, fairy Lilian” in Tennyson's poem “Lilian” (1830)