That looks like basically the same concept as bustling, just in point form rather than a cascade.
I would make a long skirt as normal. (Possibly a circle skirt, but that would take an assload of fabric.) Then on the inside of the skirt, put a button, loop, hook part of a hook-and-eye (if the fabric isn't too heavy) or some other anchor point. Directly below that point on the skirt, put the mate of whatever hanging apparatus you used (button loop, tie strings, eye, etc) at a height which when connected makes the proper amount of poofing.