Last year's spending amounted to around 40 million euros and the club have already crossed the 30 million euros mark in the current transfer window and Howe believes that the spending will only increase as they try to attract top players.
"We are trying to be competitive in the league and trying to move the club forward to become an established club at this level," Howe told the Daily Echo.
"You are not going to do that if you are not active in the transfer market... Some of the figures are uncomfortable for us as a club because, historically, we have never paid these types of fees.
"It is something you have to get used to and adjust to very quickly. It is the climate we are in and you have to be prepared to do it. Hopefully, the effects will be seen on the pitch."
Howe said that the club targeted younger players as they had a good re-sale value should they be relegated.
"Had we not spent money over the past few years, I firmly believe we would not be in the Premier League now so it goes with the territory," Howe added.
"As a club, we are realistic enough to know that if we were to be relegated, we would either have to lose players or make a conscious decision to try to get promoted the following year by keeping them.
"The key thing for us is that we have predominantly tried to sign young players so there is a re-sale value... We are trying to hold our own and progress in the most competitive league in the world and it costs money to do that."
(Reporting by Aditi Prakash in Bengaluru)
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