well in Spain and Italy it's common if not almost compulsory among everyone, not a posh thing. I Germany I suppose it's a bit posh just like in England. In France on the hand it's very common.
If you do it right, at least in Spain, the girl gives an air kiss while the boy/man may touch the girls cheek with his lips lightly.
French boys for example love it when they meet girls who are not familiar with these customs and kiss them on the cheek with their lips, unlike the French girls who never really kiss them

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I do it with family and friends if we haven't seen for a longer time but not every day certainly, only if we haven't met for at least two weeks or so. But everyone does what he likes, so if you notice the other person is used to doing this just go ahead.