I disagree--and think that merchants can actually make themselves more in demand by couponing. Look at Bed, Bath and Beyond. Hugely popular, in-demand merchant that coupons the hell out of their customer base, which has only had the effect of earning them serious loyalty. Solid discounts on top of great customer service helped them stay afloat even as Linens n' Things (their one-time major competitor) was folding during the height of the recession. They've also established themselves as the go-to store for registries (61% of couples who created wedding registries in 2010 signed up at BB&B). I think they'll keep couponing, keep growing and start to take more of the market share from coupon-shy Target in the kitchen and bedding categories.