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1.
1 A girl/guy who doesn't stand out much in today's society, but would be very hot back in the 1980's.

2 Someone who has 80's style all around (Hair, Fashion, Music) and looks weird in the 21st century
1. Guy 1: Check out her, she's hot.

Guy 2: Meh, she's Acceptable in the 80's

2. Guy 1: Why is he listening to Axel F?

Guy 2: God I don't know why.

Guy 1: Dude that's only acceptable in the 80's.
by Stigs Essex Cousin December 28, 2010
 
2.
From the Calvin Harris song "Acceptable in the 80s", used to define something that is cool, because its retro. Can also be used in reverse as an insult
"I love the NES, That was acceptable in the 80s"

"Your face wasn't acceptable in the 80s"
by Bumfunkbilbo May 29, 2007