Morgan Stanley Survey: the Brands Winning Over Wall Street Interns

Courtesy of Stanley/Amazon

2025-08-29T09:57:01Z

More than 500 Morgan Stanley interns revealed their brand preferences in a survey this summer.
Newer brands have gained popularity among these Gen Zers, while luxury loyalty has declined.
Here are some of the highlights, from preferences on water bottle brands to shoes and cars.

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 logo on a phone next to headphones

Spotify subscriptions are popular among Morgan Stanley employees.

Illustration byJonathan Raa/NurPhoto

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

Nike running shoe on display during the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 5, 2024 in Shanghai, China. — Nike has lost its lead in popularity to other hot brands.

Zhang Hengwei/China News Service/VCG via Getty Images

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

A Zara shopper carries a Zara bag. — Younger shoppers are increasingly comfortable mixing and matching Zara products with high-end luxury items.

Omer Messinger/Getty Images

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

Influencer Tara Tut carries a brown Le Pliage bag from Longchamp in Germany. — Longchamp’s sleek bags are also popular with college students.

Jeremy Moeller/Getty Images

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

A side-by-side of a Stanley Cup and an Owala water bottle. — Owala water bottles come in various colors and can be customized.

Courtesy of Stanley/Amazon

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

An athletic man doing a plank at an indoor gym with lots of machines. — Morgan Stanley interns prefer the perks of indoor gyms.

RealPeopleGroup/Getty Images

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

A Mercedes-Benz vehicle is parked in a car dealership in Manhattan.

German car maker Mercedes carries more cachet than other car brands.

Sven Hoppe/picture alliance via Getty Images

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

A person uses Apple Pay on an iPhone in a Moscow cafe. — Apple suspended its Apple Pay service in Russia in March.

REUTERS/Maxim Zmeyev/File Photo

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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