Nike is going all in on luxury-obsessed Gen Z

• Nike CEO John Donahoe on CNBC this week said the company is focused on Gen Z in China.
• Gen Z, born between 1997 and 2012, spent big this holiday season.
• Other sneaker brands, including JD Sports and Anta, also are targeting the generation.

Retailers and industry analysts predict shoppers will be tighter with their wallets in 2023, given continued uncertainty around the global economy.

But some sneaker brands like Nike are deliberately targeting Gen Z and their supposedly frivolous spending habits to help bolster sales.