Bobo is a portmanteau of the words bourgeois and bohemian.
The term is used in David Brooks book 'Bobos in Paradise' to describe the 1990s descendants of the yuppies. Brooks's thesis is that this "new upper class" represents a marriage between the liberal idealism of the 1960s and the self-interest of the 1980s.
Bobos, often of the 9-to-5 middle/upper class, claim highly tolerant views of others, purchase expensive and exotic items, and believe American society to be meritocratic.
Bobos hate 'conspicuous consumption' but will splurge on the "necessities" of life. Bobos consider money as a means rather than an end in itself.
Bobo can be used in place of the word yuppie, but it has a fresher and less negative of a connotation.
Aminah: Do you want to go to that french-japanese fushion place for dinner?
Sasha: Eh...I'm craving something local.
Sasha: ...maybe that raw food place you dig in the village?
Amy: Fantastic.. that way we can pick up some beer from Trader Joe's on the way back to the crib!