Use whichever one is easier. In your example, that's the first one.
Performance-wise there's not going to be much of a difference between any of them. Don't worry about performance for simple echo type stuff, unless it's something like this:
$mystring = "Some stuff.";
$mystring .= " Some more stuff.";
$mystring .= " And more stuff still.";
echo $mystring;
would be more efficient as this:
echo "Some stuff.";
echo " Some more stuff.";
echo " And more stuff still.";
The first one is slower because it has to copy the string around a bunch. But even then it's not going to be much of a difference.
Don't worry about performance unless you actually have a performance problem. You'll end up optimizing the wrong things (like echo statements).