Which makes the latest results from LVMH a warning sign for some of the world's most exclusive brands.
Sales growth at the firm - which owns Louis Vuitton, Tiffany and countless other big names - slowed to 3% in the first quarter.
That as shoppers held back on big purchases amid rising prices and high interest rates.
LVMH is Europe's second-largest listed company, worth around $425 billion.
It's also the first luxury goods maker to report earnings each quarter, setting the tone for the sector.
Expectations had been low, amid concern over demand in China.
Arch-rival Kering - owner of Gucci - last month surprised markets with a warning that its sales were set to slump 10%.
It blamed weak demand in Asia.
Given that, one analyst described the numbers from LVMH as "broadly OK".
The company says it sees signs that Chinese travelers are starting to spend again.
It says demand from wealthy buyers in the U.S. has also held up well.
But it says less wealthy, more aspirational shoppers will need a while to adjust to the prices now demanded for luxury goods.
LVMH shares have dropped about 11% over the past year amid the worries over the sector, but that far outperforms the 40% decline at Kering.
