Every summer, Wall Street fills with a new generation of bright-eyed interns eager to learn the ropes of high finance — and leave their own cultural mark on corporate America. For many of these Gen Z professionals, internships at major firms like Morgan Stanley are more than just a resume line; they are a window into how the next generation of leaders, consumers, and decision-makers think, spend, and live.
This year, Morgan Stanley’s 2025 summer intern survey, which polled more than 500 North American interns, revealed fascinating insights into the preferences shaping Gen Z culture. From water bottles and sneakers to streaming services and digital wallets, the survey highlights the brands and behaviors that are resonating most with this cohort.
While some results reaffirm trends already visible across college campuses and TikTok feeds, others signal meaningful shifts — like the rise of new apparel labels, the fading dominance of luxury handbags, and the dramatic decline of Tesla’s appeal. For corporate strategists, marketers, and investors, these findings provide a rare glimpse into the mindset of tomorrow’s workforce.
Streaming: Spotify and Netflix Still Rule, But TikTok Gains Ground
When it comes to music, Spotify continues to dominate Gen Z’s earbuds. Nearly 69% of Morgan Stanley interns reported having a Spotify subscription, leaving competitors far behind. Apple Music captured just 23%, while YouTube Music sat at 17%.
On the video side, Netflix remains king at 27%, but the gap is narrowing. YouTube claimed 25%, making it almost as popular among interns as Netflix, while TikTok secured 12%, showing its growing importance not just as a social media platform but as a primary entertainment hub.
The lesson is clear: Gen Z prefers flexibility and variety in streaming. They are loyal to Spotify’s music library and Netflix’s shows, but YouTube and TikTok’s short-form and creator-driven content is eating into that attention. For media companies, this suggests a need to rethink how long-form content competes with bite-sized entertainment.
Sneakers: Nike Leads, but Hoka Is Rising Fast
Footwear has always been a reliable window into generational taste, and Nike still ranks as the top sneaker brand among Morgan Stanley interns (36%). Yet, this number marks a steep decline from the 58% dominance it enjoyed in 2021, showing just how much competition is creeping in.
Adidas held second place with 11%, while Hoka, once a niche running shoe company, secured 10% — a significant sign of its explosive growth among younger consumers. Hoka’s chunky, comfort-focused designs have gone from performance footwear to a mainstream Gen Z fashion staple.
Nike’s decline parallels its broader market challenges, including a 10% drop in revenue in fiscal year 2025. To win back younger buyers, Nike may need to pivot from traditional “swoosh” branding to strategies that resonate with the authentic, community-driven culture Gen Z values.
Apparel: Zara, Lululemon, and Aritzia Lead the Way
The survey showed how fast fashion and athleisure continue to shape Gen Z’s wardrobes. Zara took first place as the top apparel retailer (24%), followed closely by Lululemon (22%) and Aritzia (19%).
The story here isn’t just who’s on top — it’s the shifting loyalties. Zara and Lululemon both lost share compared to last year, down 2 and 4 points, respectively. Meanwhile, Aritzia, Arc’teryx, and Ralph Lauren all gained ground, with Aritzia making one of the largest jumps (+4).
Aritzia’s rise reflects its strong retail expansion and curated approach to inventory. It has managed to balance affordability, trend-forward designs, and quality — a formula that resonates with interns who want to look polished without spending excessively on luxury labels.
Handbags: Luxury Brands Lose Their Shine
One of the starkest shifts in the survey came from handbag preferences. Nearly 38% of female-identifying interns said they had no loyalty to any handbag brand, a jump from 30% last year. Among those with preferences, Coach (15%) and Longchamp (13%) were top choices.
Luxury brands, on the other hand, are losing ground. Their share fell from 23% to just 15%. The trend suggests that Gen Z is not prioritizing status-driven purchases in the same way older generations did. Instead, they are leaning toward affordable, versatile, and practical bags, or in many cases, no-brand loyalty at all.
This fading interest in logo-heavy luxury mirrors a broader generational move toward understated, minimalist fashion — and away from loud displays of wealth.
Water Bottles: Stanley Out, Owala In
If 2023 was the year of the Stanley tumbler, 2025 belongs to Owala. According to the survey, 62% of interns listed Owala among their top three favorite water bottle brands. Hydro Flask and Yeti tied for second place, while Stanley tumbled down to just 28%.
The shift underscores how quickly trends evolve among Gen Z. Once a viral must-have, the Stanley cup is now being edged out by alternatives that offer sleeker designs and new colorways. For brands, it’s a reminder that Gen Z consumers crave novelty, social media buzz, and functional design — and they’re willing to abandon yesterday’s trend as soon as tomorrow’s arrives.
Fitness: Gyms Still Reign Supreme
Despite the rise of boutique classes and trendy outdoor workouts, the survey showed that indoor gyms remain Gen Z interns’ top choice for fitness (50%). Outdoor workouts came second at 27%, while 15% preferred group classes.
The finding aligns with broader corporate trends: many major firms are now investing heavily in on-site gyms and wellness centers to attract and retain young talent. JPMorgan’s new headquarters in New York, for example, is set to feature a state-of-the-art gym and wellness space.
For interns balancing long hours and high-pressure work environments, access to convenient gym facilities could prove as important as salary when choosing an employer.
Cars: Mercedes Leads, Tesla Loses Appeal
In a surprising twist, Mercedes-Benz is now the most desirable car brand among interns (21%), while Tesla has plummeted from 30% in 2021 to just 5% in 2025.
The decline in Tesla’s popularity reflects a broader cultural and market shift. Once the symbol of innovation and status, Tesla is facing increased competition, regulatory challenges, and a decline in CEO Elon Musk’s public favorability. A recent YouGov survey even found Tesla’s reputation at a nine-year low.
Interns’ preference for Mercedes suggests a swing back toward classic luxury and reliability rather than novelty. For automakers, it’s a sign that the electric vehicle market needs new narratives beyond early disruption.
Digital Wallets: Apple Pay Dominates
When it comes to payments, Apple Pay is the undisputed winner among Morgan Stanley interns. A staggering 82% reported using Apple Pay at least once a week, making it by far the most dominant digital wallet service. Venmo trailed at 37%, while PayPal came in at 14%.
The preference for Apple Pay reflects Gen Z’s seamless integration of technology into their financial habits. They prefer speed, security, and convenience, with mobile wallets becoming more important than physical cards. For financial services companies, this highlights the need to adapt quickly to the expectations of a mobile-first generation.
Conclusion
The 2025 Morgan Stanley intern survey paints a vivid picture of Gen Z’s consumer behavior — practical, price-conscious, and tech-forward, but also quick to chase new trends. From Owala water bottles to Hoka sneakers, their choices reflect a willingness to move away from legacy brands if newer entrants offer better design, value, or social cachet.
Luxury goods, once a rite of passage for young professionals, are losing relevance, while flexible payment options and accessible apparel brands are gaining momentum. And perhaps most strikingly, Tesla, once the ultimate Gen Z status car, has seen its cultural shine dim significantly.
As these interns graduate and step into leadership roles, their preferences will shape not just Wall Street but the global marketplace. For companies and investors, paying attention to this group’s choices today could provide valuable insights into the future of consumer behavior.
