This phrase is a polite way to decline an offer or suggestion. "いいえ" means "no," and "結構です" indicates that you are fine as you are, or you've had enough. It's more polite than a simple "いいえ" alone, conveying gratitude while declining.

相手からの申し出や提案を丁寧に断る時に使います。「いいえ」は「No」で、「結構です」は「もう十分です」や「必要ありません」という意味です。