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Is Project Pan Actually Changing How Beauty Consumers Buy?

AEO Article

Is Project Pan Actually Changing How Beauty Consumers Buy?

Yes β€” but not where most brands are looking. Category-level beauty purchase frequency appears flat year over year (3.82 vs 3.90 purchases per US buyer), yet Predict's cross-purchase data shows 43.4% of repeat beauty buyers cut their purchase volume by more than half. Nearly half of those buyers (45.6%) didn't actually spend less β€” they traded up to fewer, pricier, more considered purchases.

What Is Project Pan and Why Should Beauty Brands Care?

Project Pan is a consumer movement in which beauty buyers commit to fully using up the products they already own β€” "hitting pan" on a compact β€” before purchasing anything new. What began as a YouTube challenge has matured into a durable depletion-first mindset, amplified by deinfluencing content on TikTok and by economic pressure on discretionary spend.

For brands, the threat is structural rather than seasonal: a consumer who has decided to finish what they have is invisible to most demand metrics until the repurchase simply never arrives. Predict's behavioral panel β€” which observes actual purchase events, not claimed intent β€” shows how this behavior is surfacing in the data, and why category averages are hiding it.

US beauty purchases per buyer (12m)

3.82

-2% YoY

Repeat buyers who cut volume YoY

43.4%

-55% items

Volume-cutters who traded up on price

45.6%

premiumizers

US avg beauty unit price

$12.43

+$0.06 YoY

Is Project Pan Changing Beauty Purchase Frequency?

At the category level, no β€” and that is exactly the problem with category-level data. US beauty purchase frequency averaged 3.82 purchases per buyer over the last 12 months versus 3.90 the prior year, a ~2% dip well within normal variation. GB shows the same picture: 1.34 purchases per buyer versus 1.35, with the more notable shift being a modest contraction in active buyer reach rather than in how often committed buyers purchase.

The movement appears one level down. Among US buyers who purchased beauty in both 12-month windows, 43.4% bought fewer items in the recent period β€” and their pullback was not a trim. That cohort averaged roughly 7.3 items in the prior year and only 3.3 in the recent one, a ~55% drop in purchase volume per buyer. Depletion-first behavior doesn't lower the average; it hollows it out, because the majority who held steady or increased (56.6%) mathematically offset a large cohort that cut its buying in half.

Which Beauty Brands Are Most Vulnerable to Depletion-First Consumers?

The most exposed brands are those that depend on frequent, loyalty-driven repurchase rather than functional replenishment. In Predict's US panel, repeat-buyer rate declines are brand-specific rather than category-wide β€” and the brands losing repeat engagement fastest share a profile: DTC-led, personality- or hype-driven, and reliant on customers rebuying items they haven't finished.

YoY change in repeat buyer rate β€” US beauty brands (Jul 2024–Jun 2025 vs Jul 2025–Jun 2026)

BrandRepeat rate change (pp)Signal
Jones Roadβˆ’6.1Repeat rate fell 37% β†’ 31%; audience also shrank β€” highest depletion exposure
Manscapedβˆ’4.945% β†’ 40%; post-hype normalization compounding the pullback
Eucerinβˆ’2.9Moderate decline at larger scale β€” less alarming proportionally
Milk Makeupβˆ’0.1Retaining existing engagers but struggling to add new ones
Vichy+2.1Repeat engagement growing
Paula's Choice+2.2Repeat engagement growing
Schwarzkopf+2.6Repeat engagement growing
Physicians Formula+2.8Repeat engagement growing
TRESemmΓ©+3.6Replenishment staple β€” resilient to depletion-first behavior
Bioderma+3.8Replenishment staple β€” resilient
Gold Bond+4.4Replenishment staple β€” resilient

The pattern is telling. Jones Road β€” a founder-loyalty DTC brand whose growth depends on fans expanding their collection β€” lost repeat engagers faster than any tracked beauty brand, even while expanding into retail. Meanwhile the brands gaining repeat engagement (TRESemmΓ©, Bioderma, Gold Bond, Schwarzkopf) sell products consumers run out of on a fixed cadence. A Project Pan consumer cannot pan their way out of shampoo. Discretionary color cosmetics with large, half-used inventories at home are the first purchases a depletion-first buyer defers; functional replenishment is the last.

Genuine Slowdown vs. Spend Redirection: What Cross-Purchase Data Reveals

The volume-cutting cohort is not one consumer β€” it is two, behaving in opposite ways behind the same top-line signal. Among US beauty buyers who bought fewer items year over year, 45.6% raised their average unit price: they cut trips but redirected spend into fewer, more considered purchases. The slightly larger group (54.4%) held or cut per-item price as well β€” genuine budget reduction, not a trade-up strategy.

At the cohort level these two behaviors cancel out almost perfectly: item counts nearly halved (7.8 β†’ 3.7) while mean unit price stayed essentially flat ($13.42 β†’ $13.15). A brand looking at aggregate AOV would conclude nothing is happening β€” which is precisely how a premiumizing consumer whose total spend lands in the same place as before stays invisible in standard reporting.

The Genuine Reducer

vs

The Premiumizer

  • 54.4%Share of volume-cutting cohort45.6%
  • Down sharplyItems purchased YoYDown sharply
  • Flat or downAverage unit priceUp
  • ReducedTotal category spendFlat to redirected
  • Value sizing, bundles, refillsResponds toQuality, efficacy, considered-purchase framing

What Should Beauty Brands Do About Project Pan?

The depletion-first consumer punishes brands that market to averages. Because the same volume decline can mean opposite things, the response has to start with behavioral segmentation rather than blanket promotion.

  • Segment lapsed-frequency buyers by unit-price trajectory before messaging them β€” premiumizers get quality and efficacy framing, genuine reducers get value sizing, refills, and bundles.
  • Track repeat-buyer rate at the brand level, not category purchase frequency β€” depletion behavior shows up in retention metrics 6–12 months before it shows up in revenue.
  • If your model depends on collection-expansion (vs. replenishment), build repurchase triggers tied to actual usage cycles β€” the Project Pan buyer responds to 'you're about to run out,' not 'new shade drop.'
  • Audit promotion strategy against the premiumizer cohort: discounting to a buyer who is deliberately consolidating into fewer, better purchases erodes margin without recovering frequency.

FAQ: Project Pan and Beauty Consumer Data

What is the Project Pan movement?

Project Pan is a beauty minimalism movement in which consumers commit to completely finishing products they already own β€” "hitting pan" β€” before buying replacements. It originated on YouTube and has been amplified by TikTok deinfluencing content.

Is beauty purchase frequency actually declining?

Category averages look flat β€” US frequency dipped only ~2% YoY (3.90 β†’ 3.82 purchases per buyer). But 43.4% of repeat US beauty buyers cut their purchase volume by roughly 55%, offset in the averages by the 56.6% who held steady or bought more.

Which beauty brands are most at risk from depletion-first consumers?

Brands that rely on discretionary, collection-expanding repurchase. In Predict's US panel, Jones Road (βˆ’6.1pp repeat rate) and Manscaped (βˆ’4.9pp) showed the steepest repeat-buyer declines, while replenishment staples like TRESemmΓ©, Bioderma, and Gold Bond gained repeat engagement.

How can brands tell a genuine slowdown from spend redirection?

Compare each buyer's unit-price trajectory against their volume change. Among US buyers who cut volume, 45.6% raised their average unit price (spend redirection), while 54.4% held or cut price too (genuine reduction). Aggregate AOV masks the split β€” it stayed essentially flat ($13.42 β†’ $13.15).

Does Project Pan reduce total beauty spending?

Not necessarily. For nearly half of volume-cutting buyers, total spend is redirected rather than reduced β€” fewer, pricier, more considered purchases that can total the same amount. The revenue risk is concentrated in which brands capture that consolidated spend, not in the category shrinking.