To answer your question, I think New Wave fits perfectly, the only other genre I would even consider would be Miscellaneous, but that's not necessary here.
As far as content - the 'B' section does a good job of providing contrast with the dropout. After that, I would have liked new material, or at least enough variation of the original melody (which wasn't bad). When I heard it reprised exactly the same way, I kind of stopped listening, subconsciously.
Good thematic material, nice voices, just work on your form to go to the next step!