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

• Piper Jaffray says consumers seem about as excited for the new iPhone as they were last year.
• The firm's survey shows there's little indication that consumers know this is supposed to be a big upgrade.
• The iPhone 8 is expected to be a major launch for Apple.

Consumers aren't that excited for the new iPhone, Piper Jaffray said Tuesday.

In a note to investors, Jaffray analyst Michael J. Olson said 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 is expected to offer a complete redesign. 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 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 , and more.

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

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