The global collectible toy market has grown rapidly, with Pop Mart’s Labubu being the example of how art toys serve as a form of identity and status rather than simple toys. In Indonesia, social media influencers such as Lisa from BLACKPINK have increased Labubu’s reach and created Fear of Missing Out (FoMO) among young buyers. This study explores how exposure to influencers shapes Indonesian Gen Z and Millennial consumers’ purchase intention toward Labubu, and tests the roles of desire to mimic, materialism, and FoMO as mediating and moderating variables. A quantitative approach was used using an online questionnaire distributed to 106 Indonesian respondents aged 19 to 44 who actively used Instagram and have not purchased a Labubu. The data was analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings show that exposure to influencers has a significant positive effect on purchase intention, desire to mimic, materialism, and FoMO. However, desire to mimic and materialism do not significantly predict purchase intention, but FoMO significantly mediates the relationship between exposure to influencers and purchase intention but does not function as a significant moderator. These results suggest that FoMO related psychological triggers are more effective than mimicry or materialistic values in pushing first time purchase intentions for Labubu in Indonesia, and highlight opportunities to align influencer strategies with responsible consumption practices under SDG 12.