This study aims to analyse how psychological factors related to the Covid-19 lockdown affected the frequency of wine consumption among Portuguese and Spanish consumers. To achieve this goal, we used data collected from an online survey in Europe comprising 4489 observations from Portuguese and Spanish samples. Using an ordered probit model, we analysed the wine consumption frequency as a function of a set of explanatory variables related to psychological factors and also sociodemographic variables, motivation-related variables and consumption characterisation. The results allow us to conclude that for Spanish respondents the fear of isolation was a decisive factor in increasing the probability of a higher frequency of wine consumption. Meanwhile, in Portugal, the fear of an economic crisis was the psychological factor leading to a higher consumption frequency. In both countries, psychological factors influenced the frequency of wine consumption during the lockdown due to Covid-19. However, the impact of the Covid-19 crisis has been felt differently in Spain and Portugal. Differences can be observed in both psychological and behavioural attitudes that have influenced the frequency of wine consumption and could also indicate significant cultural differences.