“Exchanging Hats” is arguably a narrative poem, as it takes the reader through a sequence of specific, described events with a cast.

While not all poets incorporate their lives into their work, their lives shape their beliefs and fixations. Much of Bishop's life did not fit into the excepted mold. She was not raised by her mother and father, encountered death and mental illness at an early age, had romantic relationships with women, and excelled in a male-dominated field. Fittingly, “Exchanging Hats” deals with societal expectations and conformity.

The poem opens in first-person plural, a trend among 20th-century American poets to indicate a group or community. The first-person plural allows the speaker to simultaneously include their family, society, and the audience in the critique. The speaker implies that many have unfunny uncles who wear women's clothing as a punch line. Alternatively, the speaker's many uncles make the same joke for their nieces' and nephews' entertainment. Either way, the frequency and plurality of the joke signal that it is a part of a more significant societal trend. Although the speaker and their peers feel embarrassed by their uncles' jokes, they and many others possess a fascination with crossdressing.