How to you approach clothing on game characters?

Hey, total noob here. To preface, I am currently toying with making a 3D platformer, and I'd like for the player to be able to change the main character's outfit at different points in the game.

I guess there isn't one correct way to do things, and it depends on what you are going to achieve, but in general, is it better to...

• Make whole different models for each outfit, and change the entire model (if it's not going to be fully modular clothing)?
• Add the different outfits as part of the main model, and turn those meshes/layers on and off depending on what outfit is selected?
• Something else?

Any advice here is greatly appreciated. Thanks in advance!