Realistically I think it's probably targeted at anyone who's willing to [get someone to] spend money on it.
Conspicuous consumption has been a thing for ages, and it's always been about presenting an image as having enough disposable income to be able to buy these sorts of things. The fact that some kids have parents who can afford to lavish this stuff on them only adds to the mystique.
I'd argue that it's also inaccurate to characterize this as just a kids thing. Plenty of people my age and older dump money into brands like Rolex and Mercedes. The main difference I personally see is that the price tags are even higher, and the brands themselves turn over at a slower pace.