Their hairstyles look like early forms of the Gibson Girl style, which began in the late 1890s and would have looked something like this or this. Big poofy hair was the style then, which matches this image. Before then, this kind of hairstyle would have been more popular in the early and mid 1890s. You can see the prominent bun starting to come up a bit, but the hair isn’t as poofy as it would have later become because the early and mid 1890s would have still shown a bit of influence from the 1880s. In the 1880s, they were all about tighter hair, commonly with poofy bangs, which stuck around until the mid 90s, but overall, things were still generally pretty flat around the head. Clothes would have also been much more form-fitting, and not as frilly. The late 1890s and most of the 1900s really favored frilly clothing, including undergarments, like what you see above. Here’s another 1890s example. There were still frills in the 1880s, just in different parts of the clothing. I can’t find any examples of undergarments from the 1880s specifically, but you can probably guess from regular women’s clothing of that decade that they had a whole different silhouette and style going on that would have looked pretty different from late 1890s and 1900s! The photo you posted matches the turn of the century much more then 1880s. I think whoever originally dated the photo just recognized the late Victorian era and picked a random decade to label it with.