Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.
Explanation: This is a pet name for someone you like or love very much--I think more common in Austria or Switzerland then in Germany. You can translate it as "Little Darling", "Sweety".... The i-ending is a diminutive, which--to me--emphasizes this person must like you a whole lot.
Explanation: well, I suppose you are lucky, if someone calls you that, but be aware, that it can also also be meant sarcastically - my aunt always told me "call them all SCHATZI, that way you can't mix'em up" - Schatz is a treasure, an -i is a diminutiva, so a little treasure.