Firstly, UTF-8 is an encoding which allows you to display complex characters (like chinese kanji or special character like in the bottom of charset tools in windows). So if you are going to use some national currency symbols, Arabic/Japanese/Korean/Chinese language, you definitely need the UTF-8. Also the UTF-8 will allow to communicate with other different software's easily, so the payment gateway integration, shipping methods and other features will be integrated without any problem with encode/decode.
Generally I can recommend the UTF-8 if you are started an new application.