In general most collected garbage will be either incinerated or end up in land fills.
The garbage that is "recycled" (like PET bottles, say) is usually downcycled (into carpets, say).
A well-known motto is
(in that order)
As for point one, there are more and more products, which are sold with a lifetime warranty. This might be primarily for marketing purposes, but the warranty at least keeps the manufacturer partially accountable for their product. Disposable or low-quality products are never sold with a lifetime warranty, because they're expected to be "chucked" rather sooner than later.
For point two, there are initiatives which try to help consumers reuse certain packaging. Second-hand books/clothes/furniture is one obvious aspect. Another would be large-scale reuse of glass bottles.
For point three, the "last resort" is to buy and throw away products which are recyclable. Organic materials (food, in particular) can be composted.
Ultimately, the consumer has the power of choosing more sustainable products and less waste is always more sustainable than more waste...