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1.
Adjective. Describes an extraordinarily fancy thing, event, or person that your jealousy causes you to play down.
a) beyond your social class and/or tax bracket
b) you failed to get the invite
c) you never heard of becuase you are "out of the loop"

* Sometimes accompanied by hand-on-hip
"Get a load of Miss fancy shmancy flaunting her Movados and her Escalade!"

"I ate alone last night because my jerk friends all went to that fancy shmancy party uptown."
by Big Joe K October 27, 2006
 
2.
1. A term used to describe something expensive and impressive
2. A term used to mockingly describe something expensive and attempting to be impressive
1. My new watch cost $10,000 and is really shiny. It sure is fancy shmancy
2. Wow your house is so large in this tiny neighborhood filled with impoverished people. It's pretty fancy shmancy
by Chuckdaawesome July 06, 2013