Fulham and Wolves spent a combined total of £170m this summer, after getting promoted from the Championship.
Hughton's side spent over £60m themselves, though the competition is more fierce this year, as the manager has said before Brighton's game against Fulham this weekend.
"I think you're always very wary and always very conscious because what I have seen is three teams that have come up - two in particular have spent big money.
"And I think this will be, if anything, perhaps even a more challenging season than last season.
"I think also what's happened is every team is conscious of a Stoke going down last season, a West Brom going down, and a Swansea going down.
"Arguably three teams that people didn't expect to go down so I think everybody's more conscious and wary of how difficult this league is."