SUPPORTING UN 17 SUSTAINABLE DEVELOPMENT GOALS (SDG’S) INITIATIVE
2024 Trends
The United Nations Sustainable Development Goals (SDGs) are showing a strong movement towards integrating sustainability into core business strategies and operations. The most popular UN SDG trends for 2024 indicate that businesses globally are not only recognising the importance of the SDGs but are also actively incorporating them into their strategic frameworks to drive long-term growth and trust.
Trend 1: Nature-Positive Strategies
Wellness businesses are increasingly turning to nature-positive strategies, spurred by new regulatory requirements such as the EU’s Corporate Sustainability Reporting Directive. This shift towards sustainability involves setting nature-related targets and utilising advanced technologies for data collection and analysis, marking a transformative period for the industry.
The EU’s Corporate Sustainability Reporting Directive has created a regulatory framework that compels businesses to disclose their environmental impacts more transparently. This directive is a significant driver for wellness businesses to adopt sustainable practices, ensuring they align with broader environmental goals. As part of this compliance, companies are setting specific targets to reduce their ecological footprint, which includes measures like minimising water usage, reducing waste, and opting for sustainable materials in their products and packaging, thus aligning with SDG’s 12,13,14 & 15.
Collaboration is also playing a crucial role in this sustainability journey. Wellness businesses are forming partnerships with local communities, governments, and other organisations to implement sustainable practices. Such collaborations allow for the pooling of resources, knowledge, and expertise, leading to more effective and long-lasting positive impacts.
We are finding that business strategies with nature-positive practices opens up new economic opportunities. By adopting sustainable practices, wellness businesses find themselves ‘stronger together’ and more aligned for collaboration, attract environmentally conscious consumers, and enhance their brand reputation. These practices also lead to cost savings through efficient resource use and waste reduction, contributing to the overall financial health of the businesses.
Consumers and employees alike are increasingly expecting businesses to act responsibly towards the environment. Due the very nature of wellness businesses, integrating nature-positive strategies makes them better positioned to attract and retain employees who value sustainability. Similarly, consumers are more likely to support businesses that align with their values, leading to increased customer loyalty and satisfaction.
Trend 2: Collaborative Efforts
With the ever growing environmental and social challenges, wellness businesses are increasingly embracing collaborative efforts as a strategy to drive sustainable development. This approach is closely aligned with the United Nations Sustainable Development Goal (SDG) 17, which emphasises the importance of partnerships in achieving the SDGs. Through strategic alliances, wellness businesses are tackling sustainability challenges more effectively, creating a significant impact on both their operations and the communities they serve.
SDG 17 aims to “strengthen the means of implementation and revitalise the global partnership for sustainable development.” It underscores the necessity for inclusive partnerships at global, national, and local levels, built upon shared principles and values, and driven by a shared vision of placing people and the planet at the centre of sustainable development efforts.
Wellness businesses are responding to this call by forming collaborations that span over various sectors. One notable area of partnership is with local communities. For instance, many wellness resorts and spas are engaging with local farmers to source organic produce. This not only supports local economies but also reduces the carbon footprint associated with long-distance transportation. Such collaborations ensure a steady supply of fresh, locally-sourced ingredients, while promoting sustainable agriculture practices that benefit both the business and the environment.
Another critical area of collaboration is between wellness businesses and government bodies. These alliances are essential for aligning business practices with national sustainability agendas. Governments provide the regulatory framework and resources, while businesses contribute innovation and operational capacity. This symbiotic relationship is exemplified in projects where wellness companies partner with municipal authorities to improve local waste management systems. These initiatives help reduce the environmental impact of business operations and support broader community health and sustainability goals.
Non-governmental organisations (NGOs) play a pivotal role in these collaborative efforts. Wellness businesses often partner with NGOs that have expertise in specific environmental and social issues. For example, collaborations with environmental NGOs can help wellness businesses develop programs to protect local biodiversity, implement water conservation practices, and adopt renewable energy projects. These partnerships leverage the specialised knowledge of NGOs to create more effective and impactful sustainability initiatives.
Academic and research institutions are also crucial partners in advancing sustainability within the wellness industry. By working with universities and research centres, wellness businesses can stay at the forefront of sustainable practices and integrate the latest scientific findings into their operations. These collaborations can lead to innovations such as the development of sustainable materials for use in wellness facilities, including biodegradable packaging and energy-efficient building materials.
Successful case studies highlight the benefits of these collaborations. For instance, the partnership between Soho House and FuturePlus which focuses on developing and implementing rigorous sustainability standards across all Soho House properties. This collaboration leverages FuturePlus expertise in environmental management and certification, enabling Soho House to significantly reduce its ecological footprint while enhancing guest experiences through sustainable practices.
Similarly, the collaboration between Aveda and local communities for sourcing ingredients demonstrates the power of partnerships. Aveda’s work with the Yawanawá tribe in the Amazon rainforest ensures the sustainable harvesting of urukum, a key ingredient in Aveda products. This partnership supports the tribe’s economy and promotes the preservation of the rainforest, showcasing how businesses can work with indigenous communities for mutual benefit.
These collaborative efforts are yielding substantial benefits for wellness businesses. By pooling resources and expertise, these businesses can drive innovation and create more effective sustainability solutions. This collective approach not only enhances the sustainability credentials of individual businesses but also contributes to broader societal and environmental goals. Through these partnerships, wellness businesses are not only improving their sustainability performance but also demonstrating leadership in the global movement towards sustainable development.
Trend 3: Human Sustainability and Well-being
The wellness sector has become increasingly aware of the interconnectedness between human health and sustainable practices, wellness businesses are rising to the challenge by aligning their initiatives with the United Nations Sustainable Development Goals (SDGs). This alignment, particularly with SDG 3 and SDG 8, underscores a commitment to ensuring healthy lives, promoting well-being for all ages, and fostering inclusive, sustainable economic growth.
A crucial area where wellness businesses are making significant strides is in mental health and well-being. Recognising the growing prevalence of mental health issues, many wellness companies are developing comprehensive programs to support mental well-being. For example, wellness resorts and spas now frequently offer specialised mental health retreats that incorporate therapies such as mindfulness, meditation, and cognitive behavioural therapy. These programs are designed to reduce stress, improve mental resilience, and foster a sense of overall well-being. Digital wellness solutions like Headspace and Calm have also made substantial contributions by providing accessible mental health resources through their apps. These platforms offer tools to manage stress, anxiety, and sleep disorders, thereby making mental health support available to millions globally.
Physical wellness is another critical component of human sustainability that wellness businesses are keenly promoting. Through various initiatives, such as fitness programs and nutritional guidance, these businesses encourage a more active lifestyle. Leading fitness chains like Equinox and SoulCycle provide comprehensive fitness programs tailored to different levels of physical ability, promoting regular physical activity as a cornerstone of health. Wellness retreats such as those offered by Canyon Ranch and Chiva-Som go a step further by integrating physical wellness into their holistic programs, offering personalised fitness plans, healthy meal options, and activities like yoga and outdoor adventures. These retreats emphasise the importance of physical activity in maintaining overall health and preventing lifestyle-related diseases.
In the corporate sphere, wellness businesses are implementing initiatives that significantly enhance workplace well-being. Companies like Google and SAP have introduced comprehensive wellness programs that include on-site fitness facilities, healthy dining options, mental health resources, and flexible working hours. These programs aim to create a healthier work environment, reduce employee stress, and enhance job satisfaction. The rise of wellness real estate, pioneered by companies like Delos, integrates wellness features into building design. Improved air quality, natural lighting, and ergonomic workspaces in these buildings promote the physical and mental well-being of occupants, benefiting employees and aligning with broader sustainability goals.
Wellness businesses are also extending their impact to community health through various outreach programs. Life Time Fitness, for example, has launched the Healthy Way of Life program, engaging local communities through fitness events, health education seminars, and community outreach. These initiatives foster a culture of health and wellness at the community level, encouraging healthier lifestyles and reducing the incidence of chronic diseases. Partnerships with local health organisations and NGOs further amplify these efforts, providing access to wellness resources in underserved communities and promoting health equity.
Holistic wellness, which integrates physical, mental, and social well-being, is a central theme for many wellness businesses. Resorts like Six Senses and Aman emphasise holistic wellness by offering comprehensive programs that address all aspects of health. These programs include nutritional counselling, stress management workshops, and social activities that build a sense of community and belonging among participants. By adopting a holistic approach, these businesses ensure that wellness is not merely about the absence of illness but about achieving a state of complete physical, mental, and social well-being. This approach aligns closely with the overarching goals of the UN SDGs, advocating for a multidimensional perspective on health and well-being.
Trend 4: Economic Opportunities
Aligning business strategies with the SDGs presents significant economic opportunities. The Business and Sustainable Development Commission estimates that achieving the SDGs could unlock $12 trillion in market opportunities across key sectors such as food, agriculture, cities, energy, and health.
The global wellness sector is increasingly benefiting from the integration and implementation of Environmental, Social, and Governance (ESG) factors. This approach not only enhances sustainability but also drives investment and fosters long-term growth in the industry.
By prioritising ESG principles, wellness businesses attract a growing number of consumers who value ethical practices. Promoting eco-friendly operations and social responsibility enables companies to build stronger brand loyalty and differentiate themselves in a competitive market. This consumer trust translates into increased revenue and market share, bolstering the wellness economy.
Investors are recognising the importance of ESG factors, leading to a significant shift toward sustainable investment strategies. Companies that demonstrate strong ESG commitments are often viewed as lower-risk investments, resulting in greater access to capital. This influx of investment supports innovation within the wellness sector and encourages companies to expand their sustainable initiatives.
ESG measurement tools such as FuturePlus, play a critical role in this landscape by providing tools for forecasting ESG performance against investment potential. By analysing various ESG metrics, this methodology helps businesses identify growth opportunities and align their strategies with investor expectations. This proactive approach enhances transparency and builds investor confidence, further attracting capital.
Moreover, the integration of ESG factors aligns closely with the United Nations Sustainable Development Goals (SDGs). Many wellness companies focus on goals such as Good Health and Well-Being (SDG 3), Decent Work and Economic Growth (SDG 8), and Responsible Consumption and Production (SDG 12). By contributing to these goals, businesses not only improve their sustainability profiles but also position themselves as leaders in the wellness economy.
Integrating ESG practices fosters operational efficiencies, allowing wellness businesses to reduce costs over time. Sustainable practices lead to streamlined operations, minimised waste, and improved resource management. This efficiency boosts profitability and contributes to a healthier environment, which is central to the wellness philosophy.
Additionally, by engaging in social initiatives and community support, wellness businesses enhance their reputations and strengthen ties with local communities. This social capital can lead to positive public relations, further attracting consumers and investors alike.
