A Louis Vuitton show during Paris Fashion Week in March. Shares in owner LVMH fell Tuesday. (Benoit Tessier/Reuters)

LVMH’s latest sales figures show Chinese and U.S. demand for luxury goods was wobbly—even before the trade war between the two countries kicked off in earnest.

The disappointing start to the year is a bad omen for the industry, and things are likely to get worse as the effects of tariffs ripple through markets and economies.

Shares in Louis Vuitton’s owner sank Tuesday, after the company said sales fell 3% over the three months through March compared with a year earlier. The stock recently stood about 7% lower.