Bright squeezed vacuum (BSV) is a non-classical macroscopic state of light, which can be generated through high-gain parametric down-conversion or four-wave mixing. Although BSV is an important tool in quantum optics and has a lot of applications, its theoretical description is still not complete. In particular, the existing description in terms of Schmidt modes fails to explain the spectral broadening observed in experiment as the mean number of photons increases. On the other hand, the semi-classical description accounting for the broadening does not allow to decouple the intermodal photon-number correlations. In this work, we present a new generalized theoretical approach to describe the spatial properties of BSV. This approach is based on exchanging the $(\textbf{k},t)$ and $(��,z)$ representations and solving a system of integro-differential equations. Our approach predicts correctly the dynamics of the Schmidt modes and the broadening of the spectrum with the increase in the BSV mean photon number due to a stronger pumping. Moreover, the model succesfully describes various properties of a widely used experimental configuration with two crystals and an air gap between them, namely an SU(1,1) interferometer. In particular, it predicts the narrowing of the intensity distribution, the reduction and shift of the side lobes, and the decline in the interference visibility as the mean photon number increases due to stronger pumping. The presented experimental results confirm the validity of the new approach. The model can be easily extended to the case of frequency spectrum, frequency Schmidt modes and other experimental configurations.