I am a frequent purger, bit by bit. I don't have an actual holding zone, but I have a virtual holding zone. I've had a wardrobe worksheet for about, umm I don't know 4-5 years now. I use it to keep track of cost per wear and other things. So I go through it frequently to see if what is not getting a lot of wear, what is getting too old and needs replacement, what is not my style anymore, etc, and I mark those items in red. If the cpw is not as low as I want, I will sometimes make an effort to style and wear the item a few more times before I let it go. Then every few months, I will purge those items from my closet. This includes everything, not just clothes but shoes, jewelry, scarves, etc. as well.
ETA: I reflected a bit more about this.
The things I purge are usually of 3 types:
1) Well-loved, well-worn, time to let go: Nowadays, most of my purges fall under this category. I've been on YLF for a long time and I have a pretty functional, well-curated wardrobe, so pretty much everything I own gets a lot of love and use.
2) Too tight, too small: I've put on a bit of weight in the last year, not too much, just a bit, but enough to make some of fitted clothes I owned feel too tight - besides with the fluid, oversize fits, they are not quite trendy anymore. I might have held unto them but I don't know where I will land shape and weight-wise in a year, so I am letting them go.
3) Things I've been gifted: This is the category that I have the hardest time with. My parents and sister will always include the gift card, so I can exchange the items they purchased for me. Occasionally, but still too frequently for my taste, I will receive something from hubby's side that I cannot exchange. My mother-in-law is getting much much better at buying fewer, but better quality and more to-my-taste clothes, but there are still some misses. Trying to adopt them to my style, or letting them go if I can't is what I find really difficult.
That said, everything my husband and I purge goes to our cleaning lady. She lives in a relatively impoverished neighborhood, where there is actual demand for all kinds of clothing, houseware, etc., so it makes me feel better that instead of going to landfill, these items are actually finding new homes.