Moët Hennessy is anticipating a “post-Covid renaissance” as consumers flock to newly reopened bars and restaurants and opt for premium brands to celebrate.

The wine and spirits maker said “people are clearly trading up” where restrictions are being lifted in the UK, as well

Philippe Schaus, chief executive of the LVMH-owned company, told the Financial Times: “Some call it the revenge of pleasure or the new Roaring ’20s, but it’s clear that people are almost desperate to enjoy food and drink again.”

Unlike a typical economic crisis, he said many people now had money to burn because spending opportunities had been limited since the pandemic began.

In some countries, government support schemes had also been generous, boosting disposable income.

“There is purchasing power out there and it seems to be translating, not necessarily to more alcohol consumption, but better consumption, and we are benefiting from that,” he said.