Beyond GDP, World Happiness & Wellbeing Initiative
TREND 1: Developing the Understanding, Emphasis and Use of the Term ‘Regenerative Economy’
The Regenerative Economy is a new world economic model, proposed as an alternative to GDP. It comprises an interdependent system measured by sustainability, happiness and wellbeing. Therefore, it extends markers beyond the merely fiscal to include planetary responsibility and personal fulfillment. In so doing, the Regenerative Economy provides a broad platform for entrepreneurial, governmental, academic, public, private and spiritual collaboration.
Being at the forefront of sustainable lifestyles, happiness and wellbeing, the wellness industry must use its position to lead by example in its approach, its offerings and operations at every level.
TREND 2: Increasing the Number of B-Corps in the Wellness Industry
B-Corporations, where B stands for “benefit,” defines a new sector of the corporate community where the objective is to be the best “for” the world, rather than best “in” the world, balancing purpose with profit. People want to work for, buy from, and invest in businesses they believe in. B-Corp Certification is a powerful way to build credibility and value, and it is available to businesses in any sector that demonstrate high standards of transparency, accountability and performance.
B-Corp principles align closely with the principles of the wellness industry—pursuing higher levels of benefit at an individual, corporate, social and environmental level, to be a catalyst of change for “the better.”
TREND 3: Prioritizing ‘Happiness’ as a Policy in Organizations and Governments
Happiness, in its deepest meaning, can be defined as self-realization, altruism and individual and collective wellbeing. With this in mind, The Gross National Happiness Index, formulated in Bhutan in the 1970s, is an index used to measure the collective happiness and wellbeing of a population. It is considered a holistic approach to societal development and a goal of governance. It measures progress in society according to an evolving mix of quality-of-life factors rather than focusing strictly on quantitative economic measures around GDP.
Andrea Illy, chairman and CEO of illycaffè and speaker at the 2018 GWS and the Conference on Science and Ethics for Happiness and Wellbeing at the Vatican City, says: “Enterprises are dependent on happiness for their survival. Behavioral economics commands demand (Daniel Kahneman, global leader in Behavioral Economics), whereas emotional intelligence commands operational excellence (Daniel Coleman, author on the brain and behavior). Therefore, no happiness, no business.”
The wellness industry is best placed to help individuals and organizations to reach higher levels of emotional intelligence, health, wellbeing and ultimately happiness for their employees, partners and clients.
TREND 4: Expanding Commitment and Action on Climate Change
Proactive climate action is one of the UN’s 17 Sustainable Development Goals (SDGs), and it’s one of the three pillars of the Regeneration 2030 Summit (October 15–17, 2020, Parma and The Vatican City, Italy), co-founded by leading wellness industry figure, Davide Bollati, chairman of Davines Group. The lack of cooperation in climate change is one of the most pressing threats to our common future.
The wellness industry has a responsibility to play its part in climate change action by shifting business models to a decarbonization path, modernizing its infrastructures, and doing more to embrace nature and sustainability in all aspects of its operations.
TREND 5: Raising Interest in and Practice of Spirituality
The current global paradigm has accelerated an already-expressive reassessment of core values and purpose, both by individuals and organizations. Ancient teachings from different global faiths and increasing awareness of existence beyond our conscious selves are gathering momentum. This shift toward a more spiritual outlook is supported by empirical advances in neuroscience and psychology. These new levels of interest in and understanding of the human condition contribute to societal happiness and wellbeing.
Once again, the wellness industry is well placed to offer a greater role to spirituality in helping people assess the essential questions of purpose—and so help advance this all-important societal happiness and wellbeing that this Initiative, within the GWI, is championing.