The act of drinking champagne or celebrating with champagne; living luxuriously or celebrating with champagne.
From 'champagne' (the wine from Champagne region of France) with the English present participle suffix '-ing'. A modern informal verb formed from the drink name.
Converting brand names and product names into verbs ('champagning,' 'googling') shows English loves lazy word-building—why say 'drinking champagne' when one word does it?
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