Shoes wear out fairly quickly, they're generally not really noticed, and they're not nearly as much fun. The bag will last for many years. Definitely the LV bag.
ITA! I don't mind spending a lot of money on bags because they last years and years. I wear out my shoes too quickly to justify hundreds$$ on them. Plus, (IMO) my Nine West shoes look as good as my high-end designer shoes, they are MORE comfortable, and most people can't tell the difference.