The influence of exposure to influencers on crypto investment decision in Indonesia: Desire to mimic and materialism as mediators and FOMO as a moderator
DOI:
https://doi.org/10.61511/linkage.v2i2.2025.2241Keywords:
exposure to influencer, desire to mimic, FOMO, materialism, purchase intentionAbstract
Background: Investment behavior has shifted markedly in recent years, notably with the emergence of the cryptocurrency market. This transformation is driven in part by crypto influencers who shape investor decisions through social media content. This study examines how Exposure to Influencer affects Purchase Intention in the Indonesian crypto market, incorporating Desire to Mimic and Materialism as mediators and Fear of Missing Out (FOMO) as a moderator. Methods: A total of 258 Indonesian crypto investors aged 18 and above completed an online questionnaire. Data were analyzed using SmartPLS 4 to test nine hypotheses. Findings: The results reveal that Exposure to Influencer positively influences Purchase Intention, Desire to Mimic, and Materialism. Moreover, Desire to Mimic not only exerts a positive direct effect on Purchase Intention but also mediates the relationship between Exposure to Influencer and Purchase Intention. In contrast, Materialism neither significantly influences nor mediates the effect of Exposure to Influencer on Purchase Intention. Likewise, FOMO does not moderate the relationships between Exposure to Influencer and either Materialism or Purchase Intention. Conclusion: These findings advance the current literature on influencer exposure in the crypto finance industry and clarify the roles of Desire to Mimic, Materialism, and FOMO in driving Purchase Intention. Novelty/Originality of this article: This study lies in its integrated examination of how influencer exposure shapes crypto investors’ purchase intentions in Indonesia by introducing Desire to Mimic and Materialism as mediators and FOMO as a moderator, offering a comprehensive behavioral model rarely explored in the crypto investment context.
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