Background: The public health benefits of tobacco taxation are undermined when smokers engage in price-minimizing behaviors other than quitting in response to rising prices. Methods: 314 students at the University of Nottingham, UK, completed an online survey about their smoking behavior and their likely responses to hypothetical tobacco price increases. Results: Cessation intent and the likelihood of switching to cheaper products were linked to price. Seven percent said they would quit in response to a £0.50 increase in the price of their product; however, 68% said they would quit if it doubled. Among manufactured cigarette smokers who would switch products if the price of cigarettes doubled, 33% said they would switch to roll-your-own. Forty-four percent stated they would switch to e-cigarettes if tobacco became unaffordable. Conclusions: Large price increases could reduce prevalence among young adult smokers. This effect could be undermined by these smokers accessing cheaper alternatives to manufactured cigarettes.