Player character diversity (TPS)

A question about how to create character diversity in a TPS.

I am trying to find out what is the preferred way to handle multiple character meshes and clothing items within UE4 (this question is more around the base meshes rather than providing diversity via different coloured textures etc).

Are separate meshes made for the character mesh with each clothing combination merged (ie. base character A mesh with Jacket style 1 & Trousers style 1, another character mesh with base character A and jacket style 2 and trousers style 1 etc), or is there a way to supply a base character mesh and then ‘attach’ clothing meshes to it depending on what the player has chosen for their character to wear ?.

I am just starting with learning to model and this will give a better idea of which direction to go in for the game player characters I would like to do.

Thanks