Adaptations of old stories will frequently move them closer to the production in time and/or space, even if the original is only a couple of decades old.
Distinct from Recycled IN SPACE in that the purpose is to make the story more familiar and accessible, whereas that trope is often based around transplanting a story into a less familiar setting. Also, by its nature, a Setting Update is typically made long after the original, whereas a Recycled Premise is usually a Me Too made to cash in on hot demand. Sometimes, especially with the more radical changes, it can be a genuinely clever analogy.
Lizzie: Is interested in the sweet lolita style, likes Melanie Martinez, has a pastel aesthetic blog, has tried dying her hair but didn’t like it much and hasn’t done it since
Sieglinde: Already studying to go to medical school, honestly just wants to wear pajama pants around everywhere, runs on coffee, really liked Lizzie’s dyed hair-
Ciel: Listens to MCR, is the most emo emo to ever emo, wears Lizzie’s eyeliner (she knows about it, don’t worry), makes Edgar Allan Poe memes
Alois: Introduced Lizz to Melanie Martinez, is the sassiest friend you can ever have ever, is getting the love and therapy he needs, has finally fired Claude’s bitch ass
Grell: Has finally had the sex change she wanted, playlist goes from Halestorm to Lady Gaga, has like a million cats and a puppy, also makes Edgar Allan Poe memes
Ron: He hasn’t changed much tbh but I can see him running a meme/shitpost account
Othello: SCIENCE BOI HAS BEEN INTRODUCED TO HARRY POTTER, reminded Grell to be careful after she got the sex change, has one asshole kitten that always hides his pen
Undertaker: Creature Feature is his jam, has a blog made J U S T for Edgar Allan Poe memes and shitposts, has probably yelled “FOR THE LOVE OF GOD, MONTRESSOR” at Grell for giving him more corpses to fix up