We need more details on how it is going to work on practice, because as far as I know the products we consume are already recyclable. Shoes, clothes, accessories, furniture... Everything can be reused if the correct procedure is used when dealing with the waste coming from our houses. The problem is that not every areas are organized and equipped to deal with the waste properly, so much of that isn't reused.
I'm not sure if this circular economy means that, but I have already seen some extremist people who only use old stuff to wear themselves and to furnish their houses. Once they get tired of something, they go to a secondhand shop and exchange their old goods for another old goods. If that is what you really mean by circular economy I think it's terrible, because this way people will live precariously and there won't be incentive for the development of new models and technologies that could improve our life quality on long run.
But I fully agree this issue should be addressed:
Also part of this model is planned obsolescence, when a product has been designed to have a limited lifespan to encourage consumers to buy it again. The European Parliament has called for measures to tackle this practice.
Planned obsolescence is a shame for companies and are actually a discreet scam practice.