Referring to young people of around 18-30 years of age, who drink cheap beer (most often Pabst Blue Ribbon, on occasion Budwiser), smoke Parliaments, Lucky Strikes or hard to obtain foreign cigarettes (such as Gauloises) and take recreational drugs, coke being the most popular. Use a great deal of sarcasm, claim to be ironic. Are usually less than 5% body fat, drink copious amounts of coffee and eat children's cereal. Listen to Indie Rock, rely heavily on Pitchfork Media to tell them what's cool. Don't dance at concerts. Wear a mixture of thrifted clothing and items bought at American Apparel (commonly Tri-blend v-necks) and Urban Outfitters. Extremely tight jeans worn by both sexes, pairing these with either a band or b-movie t shirt and a plaid shirt/v-neck and a cardigan along with Nike hi-tops/Vans/Keds. Females often wear retro style dresses and racerback tank tops without bras. Eschew public transport and instead choose to ride fixed-break bikes. Often claim to know about literature and film - will have googled a good deal of Vonnegut and French New Wave cinema.
Look At This Fucking Hipster gives various good examples of Hipster kids.