Nike is counting on Gen Z’s obsession with luxury. The brand Gen Z finds coolest is focusing their efforts on China’s young consumers this year. Nike’s CEO told CNBC this week that “[the brand] saw a very good response from the Gen Z consumer who wants the most innovative products and wants brands that are globally relevant.” Nike saw Gen Z spent big this past holiday season and the brand’s chief financial officer said, “Gen Z demand for Nike products on the Chinese shopping site Tmall increased 45% on Singles’ Day.” They’re also shifting their sports product target a bit and plan on working with “Gen Z celebrities such as motorcycle racer Wang Yibo and freestyle skier Eileen Gu” rather than their typical basketball and running campaign content. YPulse’s most recent Luxury report shows Nike is a top luxury brand Gen Z wants to own. (Business Insider)
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