Piper Jaffray Finds Consumers Aren’t Too Giddy About iPhone 8

Apple’s latest iPhone, the iPhone 8, is set for release next week, but a new report from Wall Street firm Piper Jaffray is showing consumers aren’t too excited about it yet.

In a note to clients, covered by CNBC, Piper Jaffray analyst Michael J. Olson said the level of excitement for the iPhone 8 is the same as it was for last year’s iPhone launch. Two of the products coming out on Sept. 12 are new versions of the iPhone 7, and the iPhone 8 will boast a complete design overhaul aimed at increasing consumers’ interest. In the note, Olson said the lackluster excitement about the newest iPhone version could be because consumers simply aren’t aware of all the features that will be packed into the device.

“We surveyed [more than] 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 [versus] 29 percent last year,” Olson wrote, according to CNBC. “We also found that the [percentage] of iPhone users on a version two years or older (at time of upgrade) is almost identical (66 percent versus 67 percent) compared to our 2016 survey.”

The Piper Jaffray report noted that Apple may have to spend time highlighting all the new features when it launches the new iPhone 8.

At the Sept. 12 event, Apple is expected to launch two new iPhone 7s, an Apple smartwatch, an Apple TV and iOS 11 software. For several weeks, if not months, rumors and speculation have been abounding as to what the new iPhone 8 will look like. As of last week, the rumor mill was pointing to it having a curved OLED display, facial recognition technology and a price tag exceeding $1,000. As for the Apple smartwatch, rumors state it will be able to make phone calls and will not need to be tethered to an iPhone in order to operate.