Top champagne brands like Moët &amp; Chandon, Veuve Clicquot, Krug and Dom Pérignon are facing massive supply shortages in the US and Europe as pent-up demand for the spirited drink is running their stocks dry, following the easing of Covid restrictions.

Buoyed by the strong demand after an initial slump in 2021, the champagne makers are now dubbing this phenomenon as the “roaring 20s”—a term used to describe economic prosperity a century ago.

The surge in demand for champagne is being seen as a larger desire for luxury goods across the board among affluent people. After a slight slump in sales during the beginning of the pandemic, companies are reporting impressive numbers as people spend the money they saved during months of lockdowns.

The pent-up demand is co-related with the explosion of high net-worth individuals after the recovery from the pandemic. According to research by the investment bank Credit Suisse, there are now a record 218,200 people classed as ultra-high net worth (UHNW), with assets of more than $50m.

Chief executive of Moët Hennessy Philippe Schaus has said that 2022 would be “a fabulous year” for its champagne.

“We are running out of stock on our best champagnes. As people are coming out of Covid, there’s been pent-up demand for luxury, enjoyment and travelling,” Schaus told Bloomberg at New Economy Forum in Singapore on Tuesday.

<h2>World Business Watch: Decoding the state of Global Economy</h2>

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Schaus, however, did not specify which champagnes were running low, or how low the stocks had fallen.

Another champagne firm LVMH, in its latest financial results, said its “Champagne Maisons” had “enjoyed excellent momentum, which increased pressure on supplies”.

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The company, which is part-owned and run by France’s richest person, Bernard Arnault, said the demand was particularly strong in Europe, the United States and Japan and had been “led by tourism recovery”.

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Overall, champagne and wine sales were up 32 per cent in the first nine months of 2022 compared with 2021, it said.

The trend is uniform across other luxury items, Kering, which owns Gucci, Balenciaga and Bottega Veneta, reported a 14 per cent increase in its third quarter sales, reports the Guardian.

(With inputs from agencies)

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Top champagne brands like Moët & Chandon, Veuve Clicquot, Krug and Dom Pérignon are facing massive supply shortages in the US and Europe as pent-up demand for the spirited drink is running their stocks dry, following the easing of Covid restrictions.

Top champagne brands like Moët & Chandon, Veuve Clicquot, Krug and Dom Pérignon are facing massive supply shortages in the US and Europe as pent-up demand for the spirited drink is running their stocks dry, following the easing of Covid restrictions. Buoyed by the strong demand after an initial slump in 2021, the champagne makers are now dubbing this phenomenon as the “roaring 20s”—a term used to describe economic prosperity a century ago. The surge in demand for champagne is being seen as a larger desire for luxury goods across the board among affluent people. After a slight slump in sales during the beginning of the pandemic, companies are reporting impressive numbers as people spend the money they saved during months of lockdowns. The pent-up demand is co-related with the explosion of high net-worth individuals after the recovery from the pandemic. According to research by the investment bank Credit Suisse, there are now a record 218,200 people classed as ultra-high net worth (UHNW), with assets of more than $50m. Chief executive of Moët Hennessy Philippe Schaus has said that 2022 would be “a fabulous year” for its champagne. “We are running out of stock on our best champagnes. As people are coming out of Covid, there’s been pent-up demand for luxury, enjoyment and travelling,” Schaus told Bloomberg at New Economy Forum in Singapore on Tuesday. World Business Watch: Decoding the state of Global Economy Schaus, however, did not specify which champagnes were running low, or how low the stocks had fallen. Another champagne firm LVMH, in its latest financial results, said its “Champagne Maisons” had “enjoyed excellent momentum, which increased pressure on supplies”. Also read | 'America's comeback starts right now': Trump declares 2024 presidential bid The company, which is part-owned and run by France’s richest person, Bernard Arnault, said the demand was particularly strong in Europe, the United States and Japan and had been “led by tourism recovery”. Also read | Musk's all-nighters at Twitter 'frustrating' Tesla investors Overall, champagne and wine sales were up 32 per cent in the first nine months of 2022 compared with 2021, it said. The trend is uniform across other luxury items, Kering, which owns Gucci, Balenciaga and Bottega Veneta, reported a 14 per cent increase in its third quarter sales, reports the Guardian. (With inputs from agencies) WATCH WION LIVE HERE:

‘It’s the roaring 20s’: Champagne stocks running dry as demand from wealthy surges

Hollywood star Ryan Reynolds truly knows how to strike a balance in life. In a recent interview to The Hollywood Reporter, Reynolds revealed he has taken a little sabbatical from movie making after wrapping up his upcoming film 'Spirited' which will be available on Apple TV+.&nbsp; 
 
"I'm just trying to create a little bit more space for my family (wife Blake Lively and their three daughters) and time with them," Reynolds told The Hollywood Reporter at the Wall Street Journal Magazine Innovator Awards on Monday in New York City. 
 
"You know, you don't really get that time back," he added. 
 
Reynolds took to his Instagram on October 16 to share that 'Spirited' had wrapped."Not sure I'd have been ready to say yes to a film this challenging even three years ago. Singing, dancing and playing in the sandbox with Will Ferrell made a whole lotta dreams come true," he wrote.&nbsp; 
 
Reynolds added, "I'm gonna miss every second working with this obscenely gifted group of creators and artists." 
Just because he won't be making any movies, however, doesn't mean he won't be working on one of the many other notches under his belt.&nbsp; 
 
"I'm busy, obviously, with other things at my company," he said. 
 
Aside from acting, Reynolds also has stakes in Aviation Gin, Mint Mobile, Maximum Effort Marketing and Wrexham AFC. 
 
"Showing up is so important and picking up the phone and having skin in the game. Our philosophy is to bring people together in fun, smart, unexpected ways," Reynolds previously told The Hollywood Reporter of his many business ventures. 
 
"So, I'll probably be away from film, or at least shooting films, till the end of the summer," he said."It just provides me an opportunity to be home," he added. 
 
Ryan Reynolds and Blake Lively, who tied the knot in 2012, are proud parents to daughters James, Inez and Betty.&nbsp; 
&nbsp;

Hollywood star Ryan Reynolds truly knows how to strike a balance in life. In a recent interview to The Hollywood Reporter, Reynolds revealed he has taken a little sabbatical from movie making after wrapping up his upcoming film 'Spirited' which will be available on Apple TV+.

Hollywood star Ryan Reynolds truly knows how to strike a balance in life. In a recent interview to The Hollywood Reporter, Reynolds revealed he has taken a little sabbatical from movie making after wrapping up his upcoming film 'Spirited' which will be available on Apple TV+. "I'm just trying to create a little bit more space for my family (wife Blake Lively and their three daughters) and time with them," Reynolds told The Hollywood Reporter at the Wall Street Journal Magazine Innovator Awards on Monday in New York City. "You know, you don't really get that time back," he added. Reynolds took to his Instagram on October 16 to share that 'Spirited' had wrapped."Not sure I'd have been ready to say yes to a film this challenging even three years ago. Singing, dancing and playing in the sandbox with Will Ferrell made a whole lotta dreams come true," he wrote. Reynolds added, "I'm gonna miss every second working with this obscenely gifted group of creators and artists." Just because he won't be making any movies, however, doesn't mean he won't be working on one of the many other notches under his belt. "I'm busy, obviously, with other things at my company," he said. Aside from acting, Reynolds also has stakes in Aviation Gin, Mint Mobile, Maximum Effort Marketing and Wrexham AFC. "Showing up is so important and picking up the phone and having skin in the game. Our philosophy is to bring people together in fun, smart, unexpected ways," Reynolds previously told The Hollywood Reporter of his many business ventures. "So, I'll probably be away from film, or at least shooting films, till the end of the summer," he said."It just provides me an opportunity to be home," he added. Ryan Reynolds and Blake Lively, who tied the knot in 2012, are proud parents to daughters James, Inez and Betty.

Ryan Reynolds explains why he's taking a break from moviemaking

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