Steve's absolutely spot on.

It is just a buzz word that newspapers grab and overuse as they always do. I mean how the fuck can Britney spears be a chav when she's american, famous, and loaded?

As far as I know, the term originates as a nickname for a gypsy child - as the families have integrated into the communities in Kent and the the south east, then they style of trying to look fashionable and loaded on the cheap has spread.

The newspapers all seem to miss the point that it's all about over extravagance at minimal cost.