People aren’t that excited for iPhone 8, Piper Jaffray says

Stephen Lam | Getty Images

Apple CEO Tim Cook speaks during a product launch event on October 27, 2016, in Cupertino, California.

Consumers aren’t that excited for the new Apple iPhone, Piper Jaffray said on Tuesday.

In a note to investors, Jaffray analyst Michael J. Olson said that consumers are about as excited for this year’s iPhone as they were for the iPhone launch last year.

The iPhone 7 and iPhone 7 Plus last year were refinements on earlier designs while the iPhone 8 is expected to offer a complete redesign of the iPhone. Olson explains this might be because most consumers aren’t aware “of potential for a more robust feature set with this year’s iPhone.”

“We surveyed >400 U.S. iPhone users and found that 16 percent expect to upgrade to a new iPhone this Fall, compared to 15 percent last year, while 24 percent will ‘maybe’ upgrade vs. 29 percent last year,” Olson said. “We also found that the % of iPhone users on a version two years or older (at time of upgrade) is almost identical (66% vs 67%) compared to our 2016 survey.”

The new iPhone, which doesn’t yet have a name but has been referred to as the iPhone 8, iPhone X and iPhone Pro, is expected to offer a full edge-to-edge display with a brighter and more colorful OLED screen, wireless charging and more.

The Piper Jaffray report suggests that Apple will need to spend time during its event on September 12 explaining why consumers need these features.

CNBC reached out to Apple for comment but a spokesperson was not immediately available.