Rachel Zegler and Hunter Schafer on Their Favorite Hunger Games Costume: Elizabeth Banks’ ‘Iconic’ Butterfly Dress (Exclusive)

Rachel Zegler and Hunter Schafer are sharing their favorite Hunger Games fashion moment.

The actresses — who star in the latest installment of the franchise, The Ballad of Songbirds and Snakes (in theaters now) — told PEOPLE that if they had to pick one costume from across the five films, it would be Effie Trinket's avant-garde butterfly look by Alexander McQueen.

"The monarch butterfly dress that they gave Elizabeth Banks in Catching Fire for the Reaping is incredible," Zegler, 22, says, revealing that the design is even inspiring her look for fashion's biggest night.

"I've been using it in the references for the upcoming Met Gala, and it makes me so excited," she continues. "That dress was a moment for me. [Banks] just looked amazing."

Schafer, 24, describes the sculptural, ruffled-collar dress — which featured orange butterfly wing appliqués layered in an intricate pattern mimicking lace — as "iconic."

"McQueen is my favorite-ever designer. I just don't have words," she says. "So seeing it, seeing them also have fun with it and utilize it in a way that isn't how Lee McQueen would've intended, but they used his work to help build the world."

While Zegler's character, District 12 tribute Lucy Gray, has a decidedly less flashy wardrobe, the West Side Story star says there are a couple of standouts for her character.

"She's always wearing hand-me-downs from her mother and her family. So everything looks just a bit older," she explains. "But I really love this snake corset. It's like a leather corset, but it has a snake on the center, and that's how it hooks together. I really loved that detail."

"There's also a beaded vest that I wear when I'm singing 'Pure as the Driven Snow' in the Hob, and that was a real, 100-year-old vest that [costume designer Trish] Summerville found at a thrift store somewhere, and I loved that. So cool," Zegler adds.

Schafer has a particular favorite from her character Tigris Snow's wardrobe.

"It's like a jacket dress thing that looks like upholstery, and they had clipped the weft so that there was fringe coming out of it, so it kind of looked like it was decaying, but purposeful, which is kind of Ti's whole vibe with using whatever she can find. It was gorgeous," she raves.

The Euphoria star says her on-set looks helped her fully embody her character and elevate her performance.

"I had to kind of trust that once I put the costume on, there would be this kind of feeling. It helps you get into character so much and changes the way you hold yourself, and all of that helps so much mentally too," she explains. "And I feel like that works in real life too. I mean, when you feel like a bad b---- on the carpet, then you act like a bad b----."

For Zegler, donning her character's wig each day during filming helped her connect to Lucy. "I had really short brown hair, and I'm wearing a wig for the entirety of the film. And getting into that wig every morning was just kind of like … the last piece to flip the switch and say, 'This is who we are today.' So I absolutely felt that for Lucy Gray."

Zegler recently spoke to PEOPLE about how her casting in the latest Hunger Games installment was a full-circle moment for her. While on the red carpet at the movie's London premiere, she recalled seeing the original 2012 film in the theater with her mom and sister at age 10.

“The woman next to my sister had never read the books or seen the film before, and when the mutts came out, she started screaming, ‘What’s gonna happen next?’” she recounted. “And it is ingrained in my memory forever."

Schafer has her own sweet childhood connection to the franchise. On Tuesday, to celebrate the theatrical release of The Ballad of Songbirds and Snakes, she shared a throwback photo on Instagram of her 13-year-old self dressed in a Hunger Games-inspired Halloween costume.

"I don’t like being sappy on here but this experience has meant the world not only to me now, but to 13 year old me (last slide, pre-egg crack, made my own generic “capitol person” halloween costume) who I don’t think could’ve dreamed of doing something like this someday. This is for her 💛 ," she wrote.