Some problems are merely First World Problems. Other problems are at another level.
“First World Problem” would be the informal definition of “a relatively trivial or minor problem or frustration”. But in “Luxury brands are already feeling the China burn” you find evidence of something that goes way beyond that:
“Some evidence of a luxury problem has already appeared.”
There is so much of what is wrong in the world today in this one sentence, I can’t even begin to list it. Really.