I do a bit of both. Like so many of you, when it is shoes I am willing to pay full price.
with a lot of other things it comes partly down to timing. Like Elisabeth, I don't shop often - Like Steph I can go 6 months without buying anything. And I am not so in love with thrifting since it works better with frequent careful visiting.
I definitely tend towards minimalism, and working out exactly what I want and just buying that. I do however leave a little in the budget for impulse buys which are often bargains.
When it comes to my twice yearly shopping trips to the city, I pretty much buy what I c can get in that time. Last summer (Australian) it was in January and there were many after Christmas sales so almost nothing was full price. And some things were impulse buys. But there was nothing I was really hanging out to get specifically (just general stuff like "casual dress").
This winter is a different matter. After 3 years of YLF I have some specific holes. I am buying some good heels, and a good coat if I can find one that is better than my current one. I expect at least 5 years out of these items and am willing to pay full price. That said, sometimes I mull over them for so long that the price comes down in the meantime, and that can help tip the balance into my buying them.
When it comes to shopping in my home town, there is basically a Country target, a few chain stores and some boutiques and surf shops ( too expensive for me). I don't shop often, but will be more likely to go into the Target if there is a sale - and it is worth waiting for most items since they have sales really often.