First there was Cinderella, then there was Carrie Bradshaw. We explain the fascinating reasons why footwear is seducing our imaginations — and emptying our wallets — more than ever.

Long before spiked heels with exotic names (Louboutin, anyone?) became objects of desire, chicks have been shoe-crazy. But recently, we got proof of exactly how crazy: While sales of most things have plummeted thanks to the recession, footwear sales have gone up compared to the same period last year. Yes, buy...