Start by finding a photo that you can demonstrate the effect or you can use the one i will use. Open photo in Photoshop and resize it by going to Image > Image Size (Width 1000 px, Height 667 px). Layer name is

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I´m going to use filters to remove small shortcomings quickly without basic retouching. Apply Filter > Blur > Smart Blur with following settings:

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Then i would like to increase sharpness and brightness a little bit by using Filter > Sharpen > Smart Sharpen.

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Duplicate current layer with photo by using Ctrl+J and apply Image > Adjustments > Channel Mixer with similar settings to these:

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Change layer mode to Color Burn for this layer.

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Now we have two layers: one original layer on the bottom and one copied modified layer on top. Go to lower original layer and duplicate it again with Ctrl+J. Move it above all the layers on Layers palette and apply Image > Adjustments > Brightness/Contrast:

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After that change layer mode for this layer to Lighter Color:

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Now we are going to reduce saturation of the photo. Duplicate current layer again and desaturate copy with Image > Adjustments > Desaturate.

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Increase brightness with Image > Adjustments > Brightness/Contrast:

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Finally change layer mode to Screen for current layer.

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