Quality time is the time someone spends with the people they love and respect, especially with those towards whom they feel some sort of obligation. Activities pursued are never work-related but are expected by the people getting together to be productive in a non-economical sense. Ideally, quality time is experienced as joyful by everybody present.
It is most often used in the context of one's immediate family; i.e. spouse and/or children. The connotation is that the amount of time is limited, but that this is compensated by more intense use of it.
See also
