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