1941, "one who is hip;" from hip (adj.) + -ster. Meaning "low-rise" in reference to pants or a skirt is from 1962; so called because they ride on the hips rather than the waist (see hiphuggers). Related: Hipsters (1962, of waistlines).
Old English -istre, from Proto-Germanic *-istrijon, feminine agent suffix used as the equivalent of masculine -ere (see -er (1)). Also used in Middle English to form nouns of action (meaning "a person who ...") without regard for gender.
The genderless agent noun use apparently was a broader application of the original feminine suffix, beginning in the north of England, but linguists disagree over whether this indicates female domination of weaving and baking trades, as represented in surnames such as Webster, Baxter, Brewster, etc. (though spinster probably carries an originally female ending). Also whitester "one who bleaches cloth;" kempster (c. 1400; Halliwell has it as kembster) "woman who cleans wool." Chaucer ("Merchant's Tale") has chidester "an angry woman." In Modern English, the suffix has been productive in forming derivative nouns (gamester, punster, rodster "angler," etc.).
also hip-huggers, "low-rise pants or skirt," 1966, from hip + agent noun from hug. So called because they are slung from the hips, not the waist. Earlier as the name of a cut of women's swimsuit (1963). Hiphugger (adj.) is attested from 1966.
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Definitions of hipster from WordNet
someone who rejects the established culture; advocates extreme liberalism in politics and lifestyle;