Morgan Stanley intern survey: Here’s what they’re carrying, wearing, and working out with

Gen Z has hit corporate America in full force, and one of Wall Street’s biggest banks took the pulse of some of its own employees in the young cohort.

More than 500 of Morgan Stanley’s 2025 North American summer intern class weighed in with their hot takes on everything from their favorite water bottle brands to shoe preferences and exercise methods. The results reveal trends among today’s young professionals in general, but also give a rare peek into Wall Street intern preferences.

There are a few shifts to note. Newer brands like sneaker maker Hoka and womenswear retailer Aritzia have risen in popularity quickly with this group. The survey also confirmed other trends we’ve been reporting on, like how luxury brands and loud logos are fading out of fashion — almost 40% of interns felt no loyalty to any one handbag brand. And those Stanley cup tumblers? So yesterday.The firm’s equity research team, whose intel investors and corporations turn to, has tracked Morgan Stanley’s summer interns’ perspectives over the last seven years as a way to track trends.

Most of the respondents — about 70% — were 21 years old or younger, and, according to the report, represent the “next generation of innovators, disrupters, and decision-makers who will define the future of industry.”

“Our 2025 summer intern class stands out as one of the most driven, ambitious, and globally attuned cohorts we’ve seen,” the team’s report said.

Here are some of the items and brands this year’s summer interns love.

Streaming

Spotify was the first choice among Morgan Stanley interns for music streaming — 69% reported having a subscription. That’s a big lead over #2 Apple Music (23%) and #3 YouTube (17%).

When asked which video service they use most often, Netflix is the most used video platform among interns (27%), but YouTube was a close second (25%) followed by TikTok (12%).

Sneakers

About 36% of surveyed interns said Nike was their No. 1 athletic shoe brand. It was followed by Adidas (11%) and Hoka (10%).

The company, though the first choice for MS interns, has been losing market share to competitors in recent years. In the 2021 MS survey, Nike was the top pick for 58% of interns. Business Insider previously reported ideas from avid customers for how the name brand could turn things around after revenue dropped 10% for fiscal year 2025.

Apparel

Zara took first place as Morgan Stanley interns’ most preferred apparel brand (24%) while Lululemon (22%) and Aritzia (19%) came in second and third, respectively.

Though Zara and Lululemon remained the most popular general apparel retailers, the survey said, they each lost among the greatest preference share year over year (down two points and four points, respectively). In contrast, Arc’teryx, Aritzia, and Ralph Lauren were the biggest year-over-year share gainers (up three points, four points, and four points, respectively).

Aritzia has steadily gained ground and grown sales over the past several years by opening more retail stores and refining its inventory.

Handbags

About 38% of female-identifying respondents said they do not have handbag brand loyalty, but Longchamp (13%), Coach (15%) were listed as the top individual brand choices.

Morgan Stanley interns have increasingly indicated having either no handbag loyalty (up 38% compared to 30% last year) or a preference for lower-cost options (luxury brands were down from 23% to 15% this year).

Water bottles

Owala has officially become the new hot water bottle. About 62% of interns at Morgan Stanley named it among their top three favorite brands. Hydroflask and Yeti were tied for second place, with Stanley Cups at 28%.

Workout methods

When it comes to exercise habits, about half of Morgan Stanley interns said they prefer to work out at an indoor gym, while 27% prefer outdoor workouts and 15% prefer to take group fitness classes.

Indeed, in-office indoor gyms are an increasingly hot amenity for corporate America — JPMorgan’s new New York headquarters is going to feature a “state-of-the-art” membership fitness center with professional personal trainers and a separate wellness center.

Car brand

The most desirable car brand for interns is Mercedes (21%). Meanwhile, the favorability of Tesla has fallen from 30% in 2021 to 5% this year among MS interns.

They’re not alone. A May YouGov survey found that the American public’s favorability of Tesla has fallen to a nine-year low. Tesla’s stock is down year-to-date and in its second-quarter earnings call, CEO Elon Musk said it was going through a “weird transition period” due to the expiration of incentives and other regulatory changes.

Digital Wallet

Apple Pay was the top digital wallet service used by MS interns to pay for goods and services, with a whopping 82% saying they use it at least once a week. Second place was Venmo (37%) and PayPal (14%).

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