Someone, something or somewhere which is overpriced, over styled, over rated, or thinks more highly of itself than it deserves.
1. Darling, do you fancy going to that new little Italian place tonight? Nah, it's a bit too poncy for me. I prefer the chip shop.
2. What about the lovely diamond ring there? What? You must be joking, that's far too poncy.
3. Why don't you dress like Mike? Sorry, love, that's just too poncy for my liking.
Usually describing Elves from the movie and book series "Lord of the Rings." Poncy is most oftenly applied to Legolas because of his impeccable hair and skin. Poncy describes a ponce, who is essentially one who is overtly concerning with outward appearance.
Stupid poncy elf.