By default when you use shrinkwrap, it takes the whole mesh of the selected object and wraps it to the target object. What I want to know is if I can get this result using certain vertices, so that they can wrap closer to his wrists, ankles and waist like cuffs on clothing, without making the entire mesh look skintight.
In your object, in Edit or in Weight Paint mode, you just have to create the vertex group that is supposed to stick to the Target object, then add your Shrinkwrap modifier and choose this group in Vertex Group.
Also note that the more your vertice will be part of the group (i.e. from 0 to 100% weight), the more it will stick to its Target object