That pretty much matches the same description I've heard.
The only differences is the one I heard was that gingers are often pale or at a bit pale/or at least white.
The other difference is that the hair color isn't just red in general, because, it kind of refers to someone (this is what I heard in class from class mates one day), who's red hair is either darker than normal red heads/ a tad bit darker, or that their red hair: has more of a brown tint/brownish tinge/ (it) leans more on the verge of being classified as brown/brunette.
That's pretty much what I heard, the second part was kind of what I overheard from a conversation between two class mates, one whom told me what the term meant, and one who was actually a red head, that, when I asked him 'so, technically, this means your a ginger kid?', I ended up starting that part of the conversation where he argued that it doesn't mean all the colors/variations of red hair.