LVMH has so far thrived despite the opening rounds of a global trade war, as the Chinese consumer's appetite for French luxury goods surged during the quarter. But because of the threat of higher tariffs and other economic uncertainties, "the current trends cannot realistically be extrapolated to the second half of the year," Chief Financial Officer Jean-Jacques Guiony said on a call. "Management sounded quite confident, despite ongoing concerns about Chinese demand and tougher comps," Raymond James analyst Hermine de Bentzmann wrote, adding that the result augured well for Kering. Chinese consumers account for roughly a third of luxury purchases, according to consulting firm BCG — and as much as 70 percent of the sector's growth. LVMH sales in Asia surged 17 percent last year, and traveling Chinese shoppers lifted other markets.