Meaning:

“亲情” means “the bond between family members,” and “价” means “price.” Coined by Chinese netizens, this term addresses the white lies people tell their parents or other relatives about the price of the things they bought — often at a much lower price than they paid for — to avoid unhappy feelings. As the older generations in China hate to “waste” money on things they think as unworthy of the high prices they ask, young people often lie to their parents about the price of a new outfit, a gadget or other things they bought for themselves or as gifts for others.

Example:

A: 你出差给你妈买的那件衣服到底多少钱？

Nǐ chūchāi gěi nǐmā mǎi de nàjiàn yīfú dàodǐ duōshǎo qián？

How much on earth did you pay for that garment you bought for your mom on your biz trip?

B: 不是说了一百五吗？

Búshì shuōle yībǎiwǔ ma？

Didn’t I tell you all it cost 150 yuan?

A: 别以为我不知道，那是亲情价。

Bié yǐwéi wǒ bù zhīdào，nà shì qīnqíngjià。

Don’t try to fool me. I know you told a white lie.