Well, I don't think "preppy" is a very useful term. I mean, it might be descriptive for someone who is still in school or college; but, it's ridiculous to refer to a man in his 70s, like Averell Harriman, as a "preppy". And none of the other terms people use - WASP, P.L.U., et cetera - are of much use either. And that's why I prefer the term "U.H.B."

What?

U.H.B. It's an acronym for Urban Haute Bourgeoisie.

Is our language so impoverished that we have to use acronyms or French phrases to make ourselves understood?

Yes.