According to the search results, "Champagne confetti" has two different meanings:

1. In slang usage, it refers to female ejaculation.
2. In a metaphorical or poetic sense, it usually refers to a celebratory atmosphere where there is a lot of excitement, joy, and perhaps even luxury.

The term has recently gained popularity through popular culture with Jungkook and Jack Harlow’s song “3D” . In the song, "Champagne confetti" symbolizes something special and celebratory, combining the luxury of champagne with the festive spirit of colorful paper confetti often seen at joyful events.