It's a common and versatile phrase used for a casual farewell, often implying a relatively short period of time before seeing the person again.
It can be used in various situations, like:
* Leaving work: "Hasta luego, compañeros!" (See you later, colleagues!)
* Leaving a friend's house: "Hasta luego, gracias por todo!" (See you later, thanks for everything!)
* Ending a phone call: "Bueno, hasta luego!" (Well, see you later!)
It's important to remember that "hasta luego" is a more informal expression than "adiós" (goodbye), which is more formal and implies a longer separation.