Despite growing concerns about security and privacy of Internet of Things (IoT) devices, consumers generally do not have access to security and privacy information when purchasing these devices. We interviewed 24 participants about IoT devices they purchased. While most had not considered privacy and security prior to purchase, they reported becoming concerned later due to media reports, opinions shared by friends, or observing unexpected device behavior. Those who sought privacy and security information before purchase, reported that it was difficult or impossible to find. We asked interviewees to rank factors they would consider when purchasing IoT devices; after features and price, privacy and security were ranked among the most important. Finally, we showed interviewees our prototype privacy and security label. Almost all found it to be accessible and useful, encouraging them to incorporate privacy and security in their IoT purchase decisions.