Yep, exactly. The producer here, Pete Hammond, was a mixer and studio engineer with the PWL label in the 80's that produced dozens of Europop hits for Rick Astley (Never Gonna Give You Up, Together Forever), Dead or Alive (You Spin Me Round, Brand New Lover), Kylie Minogue (The Loco-Motion cover), Bananarama (Venus, I Heard a Rumour), and many others. The Spencer video and song is a love letter of sorts to these artists and the producers.
Pete Hammond continues to produce songs with that same sound (which I love). I'm always amazed at the layers and layers of different sounds, especially if you listen with headphones. Below is his latest single produced for Peter Wilson.
Same overall sound all right but I happen to like it. I like musical tracks with a lot of layering so that I can hear different things upon multiple listening sessions. Songs like this can sound amazing, especially with good speakers.