The Coca Cola Company actually remanufactured fresh cans of New Coke as a cross promotion with this season. The cans were identical to the ones seen in this episode. They were never actually sold in grocery stores but were given away at several promotional events, the Coca Cola Experience in Atlanta, and bundled in an exclusive Stranger Things (2016) gift box they sold on their website.
The movies listed at the cinema are: Back to the Future (1985), D.A.R.Y.L. (1985), Return to Oz (1985), Cocoon (1985), Fletch (1985), and The Stuff (1985).
Mike (Finn Wolfhard) and Lucas's (Caleb McLaughlin) argument is representative of the "New Coke" failure of 1985.
One of the movies at the theater the kids hide in is The Stuff (1985), which also features an amorphous monster.
The music at the Fun Fair when Hopper (David Harbour) and Joyce (Winona Ryder) arrive sounds a lot like the theme song of the Dungeons & Dragons (1983) animated series, which starts with the protagonists getting on the Dungeons and Dragons ride at the fair.